Non-life insurance run-off deals review 2022

2022 was another active year in the non-life run-off deals market with 48 transactions being publicly announced. We have seen large deals being completed and North America has once again dominated geographically by deal volume, accounting for more than 50% of all transactions.

Given the growing profile of the legacy sector recently, at face value the number of deals looks low compared to the previous two years (54 and 53 publicly announced deals in 2021 and 2020 respectively). However, 2022 saw a number of very significant deals being announced, topped by Enstar’s $3bn+ deal with Aspen plus multiple deals at Lloyd's. These, including an innovative split reinsurance to close (RITC) that PwC advised on, fuelled the same quantity of estimated liabilities being acquired by the legacy market as in 2021 (c.$8bn) despite the decrease in deal volume. This trend towards larger deals looks set to continue with a number of substantial deals set to be announced in Q1 2023 and our conversations with market participants indicate that a number of players will be announcing deals that they have recently been concluding.

The full review is available to download 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:

  • Commercial, financial, regulatory and operational due diligence
  • Deal feasibility studies and strategic options analyses
  • Transaction structuring advice
  • Preparation of marketing materials and running of disposal process
  • Bidder identification and deal negotiation support
  • Actuarial support including deal pricing, reserving and capital optimisation
  • Post-transaction separation and migration advice
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Dan Schwarzmann

Dan Schwarzmann

Head of Market Initiatives and Non-Executive Director Programme Chair, PwC United Kingdom

Tel: +44 (0)7778 211066

Andrew Ward

Andrew Ward

Liability Restructuring Partner, PwC United Kingdom

Tel: +44 (0)7902 792216

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