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HAMILTON, Bermuda, April 07, 2023 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that its wholly-owned subsidiaries have closed a Loss Portfolio Transfer transaction with certain subsidiaries of QBE Insurance Group Limited (“QBE”) on a diversified portfolio of business, covering International and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
Enstar’s subsidiaries assumed net loss reserves from QBE of $1.9 billion and will provide approximately $900 million of cover in excess of the ceded reserves on business largely underwritten between 2010 and 2018. The amount of net loss reserves assumed, as well as the settlement and limit amounts provided in the master agreement, will be adjusted for claims paid between January 1, 2023 and the closing date of the transaction, pursuant to the terms of the contract.
Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.
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 110 companies and portfolios since formation of its Bermuda-based holding company in 2001. For further information about Enstar, see www.enstargroup.com.
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
