Enstar Completes Loss Portfolio Transfer With QBE
07 April 2023 - 10:00PM
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.
Contact: Enstar
CommunicationsTelephone: +1 (441) 292-3645
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