Enstar Completes ADC Transaction With Aspen

Enstar Group Limited (NASDAQ: ESGR) has successfully concluded an adverse development cover reinsurance transaction with Aspen Insurance Holdings.

Rhea-AI Summary

Enstar Group Limited (NASDAQ: ESGR) has successfully concluded an adverse development cover reinsurance transaction with Aspen Insurance Holdings. This deal involved Enstar's subsidiary taking on reinsurance losses up to December 31, 2019, covering various property, liability, and specialty lines across the U.S., U.K., and Europe. The transaction was finalized for a premium of $770 million after obtaining necessary regulatory approvals and meeting other conditions.

Positive

• Completion of a $770 million adverse development cover reinsurance transaction, enhancing Enstar's portfolio and risk management capabilities.
• Increased diversification in property, liability, and specialty lines across key markets including the U.S., U.K., and Europe.

Negative

• None.

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HAMILTON, Bermuda, June 01, 2020 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has completed an adverse development cover reinsurance transaction with Aspen Insurance Holdings Limited.

In the transaction, Enstar’s subsidiary assumed reinsurance losses incurred on or prior to December 31, 2019 on a diversified mix of property, liability and specialty lines across the U.S., U.K. and Europe for a premium of $770 million.

Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.

About Enstar

Enstar is a multi-faceted insurance group that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar is a market leader in completing legacy acquisitions, having acquired over 100 companies and portfolios since its formation in 2001. Enstar’s active underwriting businesses include the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. For further information about Enstar, see www.enstargroup.com.

Contact:       Enstar Communications

Telephone:  +1 (441) 292-3645

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the recent reinsurance transaction by Enstar Group Limited?

Enstar Group Limited announced a $770 million adverse development cover reinsurance transaction with Aspen Insurance, covering losses incurred on or before December 31, 2019.

How much premium did Enstar receive for the reinsurance transaction?

Enstar received a premium of $770 million for the reinsurance transaction with Aspen Insurance.

What areas are covered by Enstar's new reinsurance agreement?

The new reinsurance agreement covers a diversified mix of property, liability, and specialty lines across the U.S., U.K., and Europe.

When was the reinsurance transaction completed?

The reinsurance transaction was completed on June 1, 2020, following the receipt of regulatory approvals.