传统和LPT.pdf

1、The MarketMarket Active and Poised for GrowthRecent market activity Steady deal volumes and growing investor interest in non-life run-off market 2022 disclosed deals have exceeded$8bn,but true number is higher$4bn of transactions announced in the first two months of 2023 potential to be a banner yea

2、r Significant growth capital has entered the market in recent years:Carlyle(Fortitude Re)Cinven/BCI(Compre)CVC(RiverStone International)Oaktree(Marco)777 Partners(777 Legacy)Maiden(Genesis Legacy Solutions)Apollo(Catalina)Established market players such as Enstar have also continued to tap public ma

3、rkets for additional capital to fund growth1,2106301,2551,9053,07505001,0001,5002,0002,5003,0003,50020182019202020212022Capital raised($m)Non-life LPT/ADC Market Capital Raises 2018-2022 YTD,by Capital TypeDebtEquityGrowth capitalSidecarTotalFigures sourced using Aons Non-life LPT/ADC Transactions d

4、atabase which includes publicly disclosed deals and Aons estimates of deal size where no value is publicly stated.Figures sourced using Aons Non-life LPT/ADC Capital database which includes publicly disclosed capital raises and Aons estimate of growth capital committed for capital inflows to LPT/ADC

5、 specialists only010203040506002,0004,0006,0008,00010,00012,000201820192020202120222023 YTDTotal TransactionsTotal Ceded LiabilitiesNon-life Legacy Market Deals2018-2023 YTD by Deal StructureADCLPTShare SalePortfolio TransferTotalMarketOwnershipComments on appetite777 Legacy777 Capital Partners$200m

6、 target deal size.New reinsurer.AllianzListed$100m target deal size.Typically focussed on workers comp,construction defect business.Berkshire HathawayListed:NYSECapacity for the largest deal sizes.Generally prefers less competitive legacy processes.Carrick HoldingsSequentis(at present)$200m target d