Outcomes

Legacy 2.0: The evolving landscape of the Lloyd’s and London Legacy Insurance Market

On March 20, 2025, leading voices from the London Market gathered at the historic Bishopsgate Institute for Legacy 2.0 — a milestone event dedicated to the evolving role of legacy solutions in insurance. Hosted by Aon, in partnership with London Market Forums (LMF), this exclusive gathering brought together underwriters, reinsurers, managing agents, Lloyd’s professionals and representatives of most the Market’s RITC firms, for a dynamic exploration of trends, challenges, and opportunities within the legacy and run-off sector.

Setting the Stage

The event opened with a welcome from Roger Oldham (CEO, LMF) and Barry Gale (Head of Legacy, Aon). As legacy transactions continue to gain strategic importance, with increasingly high deal values, this event provided a timely forum to explore their expanding role of the run-off market.

A Market in Motion

With global non-life run off reserves surpassing $1 trillion for the first time, legacy transactions are now a critical tool for cedants, reinsurers, and managing agents navigating capital optimisation and regulatory scrutiny. The UK and Ireland are driving a substantial portion of this growth. Legacy 2.0 provided a platform to discuss how the market is adapting to this growth and an opportunity to explore the current Market conditions.

Keynote Conversation: The Future of Legacy Oversight

A highlight of the event was a fireside chat between Dominic Christian (Global Chairman, Aon Reinsurance Solutions) and Rachel Turk (Chief Underwriting Officer, Lloyd’s). Rachel discussed the excellent financial results from Lloyd’s and her journey to her role as CUO at Lloyd’s from the equities market. The fireside chat covered the Lloyd’s Oversight Principles for legacy transactions, shedding light on how market participants can align with the new principles while leveraging legacy deals for strategic advantage. Rachel pointed out that it’s really important for Lloyd’s to have visibility of these transactions for Market stability, amongst other things.

Industry Perspectives: Expert-Led Panels

Throughout the event, expert panels delivered valuable insights:

• Cedants’ Panel – Senior management from Martyn Rodden, CEO at MSIG, Antony Dodson, CUO at Probitas, and Nick Betteridge, Group Chief Actuary at Canopius, explored the evolving role of legacy transactions, sharing real-world case studies, facilitated by Rob Margetts of Aon. A fascinating dialogue ensued about the appetite for transfers and the interaction with the RITC companies. It was clear that there’s an appetite from firms to explore appropriate transfers. 85% of those who took part in our live audience poll at the event suggested it was “highly likely” that they will be considering a legacy deal in the next 12-24 months, which is a good reflection on the Market’s interest in run-off deals.
• Buyers’ Panel – Featuring five leading legacy reinsurers, including Riverstone, Enstar, Premia, Compre and Marco, this session provided an in-depth look at market trends and the outlook for 2025 and beyond. It was commented that sometimes the underlying data behind these proposed transactions is not as robust as it could be, and the type of “transfer” being explored will determine the due diligence necessary. It was further mentioned that maybe RITC deals aren’t closing at the same rate, right now, as they were in more recent times. Overall, the Buyers’ Panel were supportive of the new Lloyd’s Oversight Principles for legacy business.

These discussions weren’t just theoretical—they provided real time insights that attendees could take back to their firms and share with their teams.

Closing Thoughts & Future Outlook

The event concluded with reflections from Barry Gale and Roger Oldham, reinforcing the importance of collaboration and knowledge-sharing in driving the market forward. The discussions throughout the event underscored the growing significance of legacy solutions and the need for continuous dialogue as the landscape evolves.

Following the formal sessions, attendees gathered for a networking reception in the Bishopsgate Institute’s historic Library, fostering Market connections and broadening the conversations started during the afternoon.

As legacy deals and solutions continue to evolve, we’ll be sure to continue bringing the Market together to learn, network and collaborate. For more updates on upcoming events and insights, visit LMF Events.

A huge thank you to Barry Gale, Rob Margetts and the Legacy Team at Aon for partnering with LMF on this event for their amazing contribution. We value our working partnership with Aon.

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