Zurich Financial Services (ZFS) has sold London-based reinsurer Turegum Insurance to Harper Holdings, a newly formed subsidiary of Bermuda-based Castlewood Holdings.
Turegum wrote business in London from 1962 to 1992, before going into run-off. The run-off was managed by outsourced service provider Claims Management Group Ltd (CMGL).
The transaction provides Turegum with defined protection from ZFS against future adverse loss development while allowing ZFS to reduce its asbestos and environmental reserves.
CMGL managing director Jerry McArthur said: "This is one of the largest transactions of its kind."
Ratings company AM Best said the transaction would not affect ZFS's financial strength rating of A.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
