Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, has announced that one of its wholly owned subsidiaries has entered into its loss portfolio transfer transaction with Argo Group International Holdings Ltd. to accident years 2011 to 2019.
Enstar’s subsidiary covers $746 million in basic reserves and $275 million in additional coverage of more than $821 million, up to a $1.1 billion policy limit. Argo maintains a loss corridor of $75 million to $821 million.
Financial details of the transaction were not disclosed.
“We are delighted to complete this positive transaction and to partner with Argo. We remain well positioned with sufficient capacity and a robust pipeline to provide tailored capital relief solutions to additional partners and to deliver long-term value for our stakeholders,” said Dominic Silvester, CEO of Enstar.
Completion of the transaction followed receipt of regulatory approvals and the fulfillment of several other closing conditions.
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