Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement that will see a subsidiary assume loss reserves of approximately $2.675 billion associated with Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services and its subsidiaries.
The retrocession will apply to losses arising and/or claims made on or prior to 30 June 2018; loss reserves assumed will be subject to adjustment for paid losses since such date.
The transaction is subject to regulatory approvals and other closing conditions.
This represents Enstar’s second agreed transaction with Maiden, following the entrance into a definitive agreement in August to acquire Maiden Reinsurance North America for $307.5 million.
That transaction remains subject to regulatory approvals and closing conditions and is expected to be completed in the fourth quarter of 2018.