Insight and Intelligence on the London & International Insurance Markets 22 Oct 2017
Sovag to dispose of EUR120mn run-off book
- 25 July 2017
Hamburg-headquartered insurer Schwarzmeer und Ostsee Versicherungsaktiengesellschaft, known as Sovag, is bringing a legacy book holding EUR120mn ($140mn) of gross reserves to market, The Insurance Insider understands.
Sources told this publication the book holds a range of liabilities from business written out of London and several European countries.
One-third of the book is understood to be reinsurance business written out of London, with the liabilities spanning a number of classes and dating back as far as the 1980s.
The remainder of...
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