A consortium of private equity investors, led by former Ace vice chairman Don Kramer, are set to buy out the infrastructure of Rosemont Re, which is currently in run-off.
The deal will result in a new £750m+ private equity backed reinsurer.
The terms of the deal, already agreed by Goshawk, involve a fixed upfront payment of approximately $2.5m for its existing infrastructure and 8% commission payments based on the renewing Rosemont Re business.
Goshawk has said there is no certainty as to the amount potentially due under these commission payments, but the directors anticipate approximately $4m-$7m may become due.
Russell Brooke and Jon Beck have resigned as directors of Goshawk and Rosemont Re.
However, there is provision for certain existing Rosemont Re staff to remain available to provide run-off services.
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