Non-life insurance run-off deals review H1 2024

July 2024

H1 2024 saw eight legacy deals publicly disclosed in a more active Q2 for the legacy market. However, deal activity in H1 2024 has not reached the levels experienced in H1 2023, which saw 15 publicly disclosed legacy deals and over three times the level of estimated gross liabilities transferred.

Deal activity by region – H1 2024

Transactions by volume: H1 2024

Deals in H1 2024

Acquirer group	Seller/cedant	Country	Predominant territory	Type of deal	(Re)insurer/ Lloyd's/ Captive/ Corporate	Predominant class of liabilities	Quarter
RiverStone International	Undisclosed	Bermuda	North America	Novation	(Re)insurer	Undisclosed	Q1
DARAG	Undisclosed	Cayman Islands	North America	Share Sale	Captive	UK Employer's Liability	Q1
RiverStone International	General Electric	USA	North America	Share Sale	Captive	Personal Lines	Q2
Enstar	Siriuspoint	Bermuda	North America	LPT	(Re)insurer	Workers' Compensation	Q2
Enstar	IAG	Australia	Rest of the World	ADC	(Re)insurer	Workers' Compensation and various other third party risks	Q2
Enstar	Accredited	USA, UK and Europe	Cross-border	LPT	(Re)insurer	Workers' Compensation and various other third party risks	Q2
Marco Capital	Inceptum	UK	UK & Ireland	Share sale	(Re)insurer	Motor and UK Employer's Liability	Q2
Oaktree	Ambac	USA	North America	Share sale	Corporate	Financial Lines	Q2

Download Non-life insurance run-off deals: H1 2024 review

How we can support our clients

The non-life insurance run-off deals team has access to more than 200 specialists who can provide expert support throughout the deal lifecycle, including:

Commercial, financial, regulatory and operational due diligence
Deal feasibility studies and strategic options analysis
Transaction structuring advice
Preparation of marketing materials and running of disposal process
Bidder identification and deal negotiation support
Actuarial support including deal pricing, reserving and capital optimisation
Post-transaction separation and migration advice

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Contact us

Andrew Ward

Liability Restructuring Partner, PwC United Kingdom

Tel: +44 (0)7902 792216

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