Novae legacy deal could revamp RITC market

The bidding process for Novae's legacy book could trigger a
string of early or single-book reinsurance to close (RITC) deals at
Lloyd's, as the Corporation widens the scope of RITC
transactions it is willing to consider.
Yesterday, this publication revealed legacy specialist Enstar
and a consortium comprising Randall & Quilter (R&Q) and Axa
havemade it to the final round of the bidding process for the Novae
legacy book.
Sources suggested the in-scope reserves for the deal may have
been..