The global legacy market continues to evolve and respond well to varying seller motivations, and with the live market entering a softer phase and M&A activity increasing, industry experts expect new opportunities for the space.
The discussion focused on what has worked well for the legacy sector in recent times, the improved connection with the live market, opportunities for all deal sizes, partnerships, the evolution of structures, as well as the supportive and collaborative role the Bermuda Monetary Authority (BMA) plays, and much more.
“The market has matured significantly,” said Jamie Saunders, Chief Underwriting Officer at RiverStone International. “Compared with 10 years ago, transactions are now more structured and strategic. They are capital solutions rather than last‑minute actions.”
Roundtable participants agreed that while there’s more work to do, the perception of legacy has improved considerably, aided by some landmark transactions, with speakers emphasising the importance of partnerships.
“Partnership is crucial. We have completed multiple transactions with repeat counterparties, and that continuity strengthens integration and overall efficiency.
“Completion of a transaction is not the end of the relationship. It continues throughout the life of the liabilities. This longer‑term partnership approach has been an important shift in recent years,” said Saunders.
The need for transactions across the full spectrum was also noted by roundtable participants, as well as the potential for syndication and repeatability, and innovative structures such as revolving LPTs.
With the roundtable taking place in Bermuda, the island’s supportive regulatory landscape was underlined, and speakers stressed that for a legacy player, Bermuda is a natural home, further supported by the establishment of IRLA Bermuda last year.
“In the four years we have been in Bermuda, we have not seen regulatory changes that materially affected us. Consistency is a strength. Bermuda has an engaged regulator, and open dialogue is always available,” said Saunders.
Stay tuned as we’ll be releasing the full 2025 Bermuda Legacy Market Roundtable report, in partnership with RiverStone International, in the coming weeks, which will include much more commentary and valuable insights from all of the expert legacy market executives that joined us.
On the day, we were joined by the following legacy market experts and leaders:
- Jamie Saunders, Chief Underwriting Officer, RiverStone International.
- Dan Sanford, M&A Managing Director, Enstar.
- Jane Newton, Chief Financial Officer, Xitus.
- Thuan Ho, Head of Actuarial M&A, Compre.
- Steve Ryland, Managing Director, Global Head of Retrospective Solutions, Acrisure Re.
- Steve Wallace, Managing Director, Capital Advisory, Aon Reinsurance Solutions.
- Adam Horridge, Director, Teneo.
- Damian Cooper, Insurance Partner, PwC.
- Nick Miles, Partner, Kennedys.
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