Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, announced that one of its wholly owned subsidiaries has closed its loss portfolio transfer transaction with specialty insurance underwriter Argo Group International Holdings Ltd. to reinsure a number of its direct U.S. casualty insurance portfolios relating to accident years 2011 to 2019.
Enstar’s subsidiary covers ground up reserves of $746 million and an additional $275 million of cover in excess of $821 million, up to a policy limit of $1.1 billion. Argo will retain a loss corridor of $75 million up to $821 million.
Financial details of the transaction were not disclosed.
“We are pleased to complete this accretive transaction and partner with Argo. We remain well-positioned with ample capacity and a robust pipeline to provide tailored, capital relief solutions to additional partners and deliver long-term value for our stakeholders,” commented Dominic Silvester, Enstar’s chief executive officer.
Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.
Topics Profit Loss
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