Non-life insurance run-off deals review Q3 2024

spiral
  • November 2024

Q3 2024 saw 15 deals disclosed, almost double the number of deals in the first half of the year, bringing the total deal numbers to 23 year to date. North America was the most active territory in Q3, with ten deals disclosed and the six with disclosed deal values transferring a combined $2.6bn of gross reserves. The UK and Ireland also saw four deals announced in Q3 representing increased activity in a territory that has been notably quieter earlier in the year.

2024 YTD deal activity by region

2024 YTD deal activity by region

2024 YTD transaction breakdown

Deals in Q3 2024

Acquirer Group Seller/cedent Country Predominant territory Type of deal (Re)insurer/
Lloyd's/
Captive/
Corporate
Predominant class of liabilities Quarter
RiverStone International QBE Bermuda North America LPT (Re)insurer Undisclosed Q3
Enstar QBE USA North America LPT (Re)insurer US commerial liability and workers' compensation Q3
State National James River Bermuda North America LPT and ADC (Re)insurer Excess and surplus lines Q3
Undisclosed JPA USA North America LPT (Re)insurer Californian Worker's Compensation Q3
Enstar Undisclosed   North America LPT (Re)insurer Property catastrophe and COVID-19 Q3
Carrick Holdings Health Care Casualty Insurance Limited Cayman Islands North America Share Sale (Re)insurer General liability and medical malpractice Q3
RiverStone Group DARAG USA and Bermuda North America Share Sale (Re)insurer Undisclosed Q3
Compre Accelerant Bermuda North America LPT Corporate US and European property & casualty liabilities Q3
Carrick Holdings Seamair Insurance DAC Ireland UK & Ireland Share Sale Captive Pharmaceuticals Q3
Carrick Holdings BMS International Insurance DAC Ireland UK & Ireland Share Sale Captive Pharmaceuticals Q3
Swiss Re  Confidential UK UK & Ireland LPT (Re)insurer Undisclosed Q3
Swiss Re  Confidential Hong Kong Rest of the World Legal Portfolio Transfer (Re)insurer Employee's Compensation Q3
Swiss Re  County of Los Angeles USA North America Legal Portfolio Transfer (Re)insurer Worker's Compensation Q3
Swiss Re  County of Los Angeles USA North America Legal Portfolio Transfer (Re)insurer Worker's Compensation Q3
Quest Group Guernsey Captive Guernsey UK & Ireland Share Sale Captive Financial Lines Q3

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:

  • Strategic options analysis and deal feasibility studies – utilising our global network and outreach and transactions service capabilities
  • Transaction structuring advice – through our specialist market knowledge and wealth of experience, we know what acquirers want to see and how they interpret data, allowing us to pre-empt questions to provide a smooth transaction process
  • Actuarial support – pre-deal and throughout the deal including pre deal analysis and pricing, reserving and capital optimisation and negotiation support throughout the deal
  • Bidder identification and running of sales processes – we have detailed project management methodology to run tightly controlled and efficient disposal transactions
  • Commercial, financial, regulatory, and tax due diligence – we bring unrivalled technical expertise to the transactions process and can leverage this every step of the way to add value to deals to the satisfaction of all stakeholders
  • Financial & Tax structuring – we can integrate specialist services into our offering to support both the transaction and how it best fits into your business and operations
  • Post-transaction support – supporting migration and separation post deal, we also offer managed service and outsourcing options to our clients
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Contact us

Andrew Ward

Andrew Ward

Liability Restructuring Partner, PwC United Kingdom

Tel: +44 (0)7902 792216

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