Enstar Closes Previously Announced Transaction With AIG
Enstar Group Limited (NASDAQ: ESGR) has closed a transaction with American International Group, Inc. (AIG) to provide protection for AIG's retained exposure to adverse development on Validus Re's loss reserves. The cover became effective on November 1, 2023, after regulatory approvals and closing conditions were satisfied.
11/01/2023 - 04:34 PM
HAMILTON, Bermuda, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has closed the previously announced transaction with American International Group, Inc. (“AIG”) to provide protection to AIG on its retained exposure to adverse development on Validus Re’s loss reserves.
The cover became effective as of the closing of AIG’s sale of Validus Re to RenaissanceRe on November 1, 2023, when all regulatory approvals were obtained and all closing conditions were satisfied.
About Enstar
Enstar is a NASDAQ-listed leading global (re)insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe and Australia. A market leader in completing legacy acquisitions, Enstar has acquired over 115 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com .
Contact: Group CommunicationsTelephone: +1 (441) 292-3645
What is the transaction between Enstar Group Limited and American International Group, Inc. (AIG)?
Enstar Group Limited has closed a transaction with AIG to provide protection for AIG's retained exposure to adverse development on Validus Re's loss reserves.
When did the cover become effective?
The cover became effective on November 1, 2023.
What were the conditions for the cover to become effective?
The cover became effective after regulatory approvals were obtained and all closing conditions were satisfied.
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#1022 Ranked by Stock Gains
ESGR Stock Data
Industry
Reinsurance Carriers
Sector
Finance and Insurance
Tags
Finance, Insurance Brokers/Services, Finance and Insurance, Reinsurance Carriers
Country
Bermuda
City
3rd Floor 22 Queen Street
About ESGR
enstar is leading global insurance group that provides innovative capital release solutions and live specialty underwriting capabilities. our diversified portfolio of companies are positioned across the world’s major insurance hubs spanning bermuda, the us, london, continental europe, singapore, australia and others. with more than 1,300 employees in 22 countries, enstar leverages its expertise in claims management, risk analysis, and investment to generate value. enstar also provides management, consulting, and other services to the global insurance industry. they make enstar different, something unique. our brands atrium a longstanding and highly respected underwriting business at lloyd’s. atrium manages syndicate 609 and provides about a quarter of its underwriting capital, alongside traditional ‘names’. www.atrium-uw.com/ starstone a global specialty insurer providing a diversified range of insurance products to customers around the world. starstone expands enstar’s live underwriti
