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Enstar Group, which has acquired more than 110 companies and portfolios since its holding company was formed in 2001, has closed another deal.
First announced in February by QBE Insurance Group, the now completed transaction is a loss portfolio transfer between wholly-owned Enstar subsidiaries and certain subsidiaries of QBE.
The deal features what was described as a “diversified” book of business that spans international and North America financial lines, European and North American reinsurance portfolios, and several discontinued programs in the US.
In a new announcement by Enstar, the global insurance group said: “Enstar’s subsidiaries assumed net loss reserves from QBE of US$1.9 billion and will provide approximately US$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.”
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