Legacy market seen as stable option

Alternative capital is reshaping the casualty insurance market, a trend highlighted at a recent Legacy Market Roundtable hosted by Reinsurance News in Brighton.

Roundtable draws industry leaders to assess shifting capital flows

The 90‑minute session, held in May and organized in partnership with Swiss Re, gathered 13 senior figures from reinsurance, risk management and advisory firms. Participants included Janic Schilling, head of legacy origination at Swiss Re, and Andy Hill, CEO of Zurich Legacy Solutions, among others.

During the discussion, speakers noted a surge in redemption requests from traditional private‑credit investors seeking liquidity. One attendee explained that this “major opportunity” could allow the legacy market to step in and supply the cash private‑credit firms need to keep underwriting casualty policies.

The roundtable also explored how alternative capital investors backing managing general agents (MGAs) are looking for ways to exit long‑tail liabilities early. By transferring these risks to legacy transactions, investors can lock in profits quickly, potentially creating a new pipeline of business for established reinsurers.

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Legacy players see potential for stability and growth

Attendees argued that the influx of alternative capital could position the legacy sector as an anchor for underwriting discipline over the next five years. The conversation touched on how hard and soft market cycles, as well as ongoing M&A activity, influence legacy trends.

Another point raised was the need for greater education about legacy solutions. Participants stressed that increasing awareness within their own organizations remains a priority, suggesting that a better‑informed client base could accelerate the adoption of legacy structures.

In the middle of the session, a participant observed that the current environment forces legacy firms to balance risk transfer with the need to maintain capital efficiency. If legacy carriers can offer flexible terms, they may attract a broader set of investors seeking stable returns amid market volatility.

Legal and advisory specialists present at the roundtable highlighted the role of brokers in facilitating these transactions. They noted that as more private‑credit funds look to exit casualty lines, the demand for seasoned intermediaries will rise, potentially reshaping the broker setting.

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Among the senior executives, Georg Rindermann, head of legacy at Allianz Re, emphasized that legacy solutions can complement existing underwriting strategies, adding a layer of resilience to portfolios that might otherwise be exposed to long‑tail risk.

The event concluded with a consensus that legacy markets, traditionally viewed as a back‑stop, could become a growth engine if they adapt to the evolving capital setting. The participants’ collective insight suggests that the sector’s ability to absorb alternative capital may be a key determinant of its relevance in the coming years.

For those interested in a deeper dive, the 2026 Reinsurance News Brighton Legacy Market Roundtable report is available for free download.