Enstar Completes Loss Portfolio Transfer With QBE
Enstar Group (NASDAQ: ESGR) has completed a ground-up loss portfolio transfer transaction with QBE Insurance Group subsidiaries.
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Rhea-AI Summary
Enstar Group (NASDAQ: ESGR) has completed a ground-up loss portfolio transfer transaction with QBE Insurance Group subsidiaries. The deal involves reinsuring a portfolio of US commercial liability and workers' compensation business from recently discontinued programs. Under the agreement, QBE ceded net reserves of approximately $376 million, while Enstar's subsidiary provided about $175 million of cover in excess of the ceded reserves. The transaction was finalized after receiving regulatory approvals and meeting closing conditions.
Positive
- Acquisition of $376 million in net reserves portfolio expands Enstar's business
- Strategic expansion in US commercial liability and workers' compensation segments
Negative
- Significant liability exposure of $175 million in excess cover
Details
News Market Reaction – ESGR
The recorded move for ESGR in the trading session of this news was -0.24%.
Data tracked by StockTitan Argus. Session date unavailable.
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HAMILTON, Bermuda, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has closed a previously announced ground-up loss portfolio transfer transaction with subsidiaries of QBE Insurance Group Limited (“QBE”) to reinsure a portfolio of US commercial liability and workers’ compensation business, largely underwritten on recently discontinued programs.
Under the reinsurance agreement, QBE ceded net reserves of approximately
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 120 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.
Contact:
For Enstar:
For Investors: Matthew Kirk (investor.relations@enstargroup.com)
For Media: Jenna Kerr (communications@enstargroup.com)
| Contact: | Enstar Communications |
| Telephone: | +1 (441) 292-3645 |
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