AXA Liabilities Managers agreed to acquire RenaissanceRe (UK) Limited (RRUKL), a company currently in run-off, from RenaissanceRe Holdings Ltd.
On February 4, AXA Liabilities Managers agreed to acquire RenaissanceRe (UK) Limited (RRUKL), a company currently in run-off, from RenaissanceRe Holdings Ltd. The acquisition, which is expected to close later this year, is subject to regulatory approval and will be made through an investment vehicle managed by AXA Liabilities Managers.
The UK run-off business was acquired by RenaissanceRe as part of its purchase of Tokio Millennium Re in 2018. RRUKL primarily wrote motor, casualty, political risk, engineering and marine treaty business until 2015, when it was placed into run-off. Gross reserves as of September 30, 2019 were £160 million.
The transaction continues the trend in the industry of (re)insurers managing their legacy exposures by selling them off, allowing them to crystalize their exposures, reinvest capital or release capital to shareholders, in each case to focus on their core business aims.
The Willkie team was led by partners Joseph Ferraro and Sean Ewen.