2024 deal activity by region
North America again dominated with 58% of disclosed transactions in 2024, followed by the UK & Ireland at 27%. Continental Europe was relatively quiet until Q4, when 2 deals were announced. The Rest of the World (RoW) saw limited but growing interest, particularly in the Asia-Pacific region.
2024 transaction breakdown
- The legacy insurance market saw 33 publicly announced deals in 2024, slightly up on 2023. The total combined disclosed liabilities transferred amounted to approximately $6.6bn, with a significant portion of deal sizes remaining undisclosed.
- There was continued trifurcation in deal sizes, with transactions typically occurring at the $1bn+, $100m to $500m, and sub-$100m levels.
- In the UK, run-off entity share sales were prominent with Part VII activity also picking up, while in North America, loss portfolio transfers (LPTs) dominated.
- An increase in reinsurance to close (RITC) deals at Lloyd’s is anticipated in 2025.
Deals in Q4 2024
| Acquirer Group | Seller/cedent | Country | Predominant territory | Type of deal | (Re)insurer/ Lloyd's/ Captive/ Corporate | Predominant class of liabilities |
|---|---|---|---|---|---|---|
| Acumen Legacy | Undisclosed | Undisclosed | Europe | Share Sale | Captive | Energy |
| Carrick Holdings | Undisclosed | UK | UK & Ireland | Undisclosed | Undisclosed | Undisclosed |
| Enstar | Axis Capital | Bermuda | North America | LPT | (Re)insurer | Casualty Lines |
| Enstar | James River | USA | North America | ADC | (Re)insurer | Excess and surplus lines |
| Enstar | Undisclosed | Bermuda | North America | Share Sale | (Re)insurer | Property ILS |
| Enstar | Undisclosed | Bermuda | North America | Novation/Forward Exit Solution | (Re)insurer | Casualty ILS |
| Marco Capital | UK Corporate | UK | UK & Ireland | Assumption of Corporate Liability | (Re)insurer | UK PI |
| RiverStone International | Zurich | France | Europe | LPT and ADC | (Re)insurer | Motor and Architects & Engineers PI |
| RiverStone International | Undisclosed | UK | UK & Ireland | Part VII | (Re)insurer | Motor and Architects & Engineers PI |
For the full list of deals announced in 2024, please see the 2024 year-end review attached below.
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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