Enstar Completes ADC Agreement With RSA
10/06/2021 - 09:13 AM
HAMILTON, Bermuda, Oct. 06, 2021 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has closed a previously announced agreement with Royal & Sun Alliance Insurance Limited (“RSA”), a wholly owned subsidiary of Toronto-based Intact Financial Corporation, to provide adverse development cover (“ADC”) for certain UK, Irish, and other business of RSA and its subsidiaries.
The ADC provides £400 million of aggregate coverage in excess of a £2.59 5 billion retention on losses occurring on or prior to December 31, 2020 within a diversified portfolio of commercial and personal insurance lines risks. Enstar and RSA co-participate on the cover, with Enstar providing 50% and RSA retaining the remaining 50% .
Completion of the transaction followed receipt of regulatory approval and satisfaction of various closing conditions.
Dominic Silvester, Enstar’s Chief Executive Officer, said: “This transaction, our second large deal with RSA, shows the role that well-designed, smoothly executed legacy solutions can play in facilitating M&A activity in the global insurance market.”
About Enstar
Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 100 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com .
Contact: Group Communications
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Reinsurance Carriers
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Finance and Insurance
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Finance, Insurance Brokers/Services, Finance and Insurance, Reinsurance Carriers
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Bermuda
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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
