LEGATIS

What LEGATIS does

Legatis, LLC is a New York-based, privately held limited liability company that acquires and manages corporate legacy liabilities and associated insurance assets for private and public companies. The firm specializes in resolving complex, long-tail exposures such as asbestos, silica, talc, coal dust, PFAS, toxic tort, and environmental claims, providing corporate counterparties with balance sheet finality as an alternative to bankruptcy or extended litigation. Legatis customizes structured acquisitions of subsidiaries or liability portfolios, then manages the assets end-to-end in-house — including claims resolution, insurance recovery (with particular expertise in pre-1986 insurance policies), actuarial forecasting, and investment management of held assets through Obra Capital's Liability Driven Multi-Sector Investing team.

The company is institutionally backed by Obra Capital, a multi-billion dollar asset manager owned by RedBird Capital Partners and Aquarian Holdings. Its leadership comprises former senior insurance industry executives from Berkshire Hathaway, The Hartford, CNA, and Fairfax, supported by a Chief Legacy Counsel, Chief Legacy Actuary, and a Senior FP&A and Insurance Recovery Associate. The firm claims a track record of resolving over $1B in insurance coverage disputes and managing more than 100,000 claims across the US and Canada. Legatis distributes through direct, relationship-driven engagement with corporate management teams and does not disclose proprietary technology platforms; its competitive edge rests on actuarial and insurance recovery expertise rather than software.

In September 2024, Legatis joined a joint venture with R&Q and Obra Capital to acquire the legacy liabilities of global safety equipment manufacturer MSA Safety, representing one of its most prominent disclosed transactions and an example of its consortium-based approach to large deals. The firm does not publicly disclose revenue or pricing, and operates with a lean team of 1-10 employees. Its revenue model is transaction-based, generating returns from the spread between acquired liability valuations and ultimate resolution costs, supplemented by investment income on held insurance assets.

Name

LEGATIS

Legal name

Legatis, LLC

Website

https://legatis.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Legatis acquires and manages corporate legacy liabilities and related insurance assets for private and public companies, providing end-to-end claims resolution, insurance recovery, actuarial forecasting, and investment management backed by Obra Capital.

Ownership category

akta.pro rank

Product category

Insurance Runoff & Legacy Liability Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Insurance Funds (525190)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro industry

PRIMARYFSAOAJAH

Reinsurance Run-off Acquisitions & Portfolio Transfers (LPT/Adverse Development Cover)

Financial & Insurance/Reinsurance/Reinsurance Run-off / Legacy Portfolio Management

SECONDARYFSAOAJAI

Run-off Claims Management, Commutation & Settlements

Financial & Insurance/Reinsurance/Reinsurance Run-off / Legacy Portfolio Management

SECONDARYFSAOAJAN

Run-off Litigation, Dispute Resolution & Legacy Remediation

Financial & Insurance/Reinsurance/Reinsurance Run-off / Legacy Portfolio Management

Keywords

• Legacy liability acquisition
• Claims management services
• Insurance recovery services
• Tort liability solutions
• Structured liability transactions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Legacy Liability Acquisition and Management: Legatis acquires companies holding aged liabilities and associated insurance assets through structured acquisitions. Revenue is generated through the acquisition and subsequent management and resolution of legacy claims, insurance recoveries, and investment returns on the acquired assets.

Go-to-market motion2 records

Distribution channels1 record

Core offering

Legatis partners with private and public companies to customize structured acquisitions of aged legacy liabilities (toxic tort, asbestos, silica, talc, coal dust, PFAS, environmental) along with the related insurance assets. Once acquired, Legatis manages and resolves the legacy claims, pursues insurance recoveries, and oversees investment of the assets to deliver finality to transaction counterparties without requiring bankruptcy.

Product overview

Legatis is a single unified offering that provides end-to-end legacy liability solutions for companies seeking to permanently remove toxic tort and environmental liabilities from their balance sheets. The portfolio consists of four integrated core service components: Legacy Liability Acquisition Solutions (customized structured acquisitions of companies with aged liabilities), Legacy Claims Management (in-house resolution of legacy claims), Insurance Recovery Services (recovery of insurance proceeds and coverage dispute litigation), and Legacy Investment Management (capital deployment and investment handling through Obra Capital). These components work together to deliver finality and cost certainty without the hassle, cost and uncertainty of bankruptcy.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Resolved over $1B in insurance coverage disputes
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• R&QcoreStrategic or Co-development Partner · 9 September 2024R&Q invested in a Joint Venture with Obra to acquire legacy liabilities of MSA Safety. This strategic partnership was announced in September 2024 and represents a significant co-investment in a major legacy liability transaction.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Premia Holdings: Premia is an insurance run-off platform that acquires and manages legacy P&C portfolios, including asbestos and environmental liabilities. It is a direct peer in the legacy acquisition niche.
• Compre Group: Compre is a specialist legacy/specialty run-off acquirer focused on discontinued insurance and reinsurance businesses. It is a direct peer competing for the same type of LPT and run-off transactions Legatis targets.
• Talcott Resolution: Talcott Resolution is a run-off acquirer that has historically taken over large legacy annuity and structured insurance blocks, with capabilities overlapping Legatis's legacy liability focus.
• Wilton Re: Wilton Re is a US-focused run-off acquirer that purchases and manages legacy P&C and life insurance blocks. It competes with Legatis in the North American legacy liability market.
• R&Q (Randall & Quilter Investment Holdings): R&Q is a specialist legacy liability acquirer and run-off manager focused on acquiring and managing legacy insurance and reinsurance portfolios. R&Q directly co-invested with Legatis/Obra on the MSA Safety transaction, making it a direct peer and strategic partner in the legacy run-off space.
• Darag Group: Darag is a run-off acquirer that takes over legacy insurance portfolios, particularly in Europe. It pursues similar legacy liability transactions to Legatis and represents a comparable specialty run-off peer.

Broad incumbents

• Catalina Holdings: Catalina is a major Bermuda-based legacy liability acquirer that acquires and manages run-off insurance and reinsurance portfolios globally. It competes with Legatis for large corporate legacy liability divestitures.
• Berkshire Hathaway (Run-off Operations): Berkshire Hathaway's reinsurance and specialty insurance operations have a long history of writing and acquiring legacy liability exposures, including asbestos and environmental. Multiple Legatis executives previously held senior roles at Berkshire, and the firm represents the broad incumbent benchmark for the legacy space.
• Enstar Group: Enstar is one of the largest global legacy liability acquirers, specializing in LPTs, adverse development covers, and run-off portfolio management across P&C, asbestos, environmental, and other legacy exposures. It is the broadest incumbent in the same niche as Legatis.

Others

• Obra Capital: Obra Capital is the institutional asset manager that provides capital backing and investment management to Legatis. It also operates insurance-linked investment strategies for other legacy/run-off vehicles, making it a strategic enabler and adjacent operator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/legatisllc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LEGATIS