Many European captive re/insurers are being put into run-off following the implementation of Solvency II at the start of 2016, according to Paul
The run-off and legacy firm is working with several captive owners to remove their captive
It is a week since the announcement that Bermudian captive reinsurer Agency Program Insurance Company had been acquired by R&Q for $1.4m (July 18).
“Solvency II is certainly driving some growth in the run-off acquisition space and I think it will continue as companies get to grips with what Solvency II really means for them,” said
He argued that the spike in
“Solvency II hasn’t really focused on how a captive insurer differs from regular insurance companies. It is not a case of it being too tough by design, but it has been too tough be
“It has certainly created a regime that is not attractive to captive insurance companies but that is by default rather than design,” Cover added.
Read more on legacy market developments in a feature in the upcoming September issue of Reactions.