In November, Reinsurance News hosted a legacy re/insurance market roundtable, in partnership with RiverStone International, in Hamilton, Bermuda, which saw nine experts and leaders from across the run-off world debate current market dynamics, challenges, and opportunities for the future.
Roundtable participants noted that even with reduced headline activity in 2025, the level of sophistication, planning, and strategic intent behind legacy transactions continues to deepen, pointing to a sector that is steadily consolidating its role within the broader insurance ecosystem.
It was highlighted that the market has matured as the perception of legacy has shifted in a positive way, with one participant describing the sector as being in an entirely different place from where it was a decade ago.
Panellists agreed that merger and acquisition activity among re/insurers is expected to be a big opportunity for the legacy space, as speakers underlined the importance of partnerships and relationships, the role of IRLA and AIRROC, and also the supportive and collaborative approach of Bermuda’s regulator.
During the insightful session, roundtable participants also discussed shifts in cedent motivations, the evolution of structures, landmark deals, repeatability, syndication, the shift in the investor base to private equity, and also talent in the legacy sector and the potential influence of advanced technologies, and more.
On the day, the roundtable were joined by the following participants from across the legacy sector:
- Jamie Saunders, Chief Underwriting Officer, RiverStone International.
- Dan Sanford, M&A Managing Director, Enstar.
- Adam Horridge, Director, Teneo.
- Steve Ryland, MD & Global Head of Retrospective Solutions, Acrisure Re.
- Steve Wallace, MD, Capital Advisory, Aon Reinsurance Solutions.
- Jane Newton, Chief Financial Officer, Xitus Insurance.
- Nick Miles, Partner, Kennedys.
- Damian Cooper, Insurance Partner, PwC.
- Thuan Ho, Head of Actuarial M&A, Compre.
