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Enstar completes ADC reinsurance transaction with AXA XL

4th May 2021 - Author: Luke Gallin

A wholly owned subsidiary of Enstar Group Limited has completed an adverse development cover (ADC) transaction with AXA XL, the property & casualty and specialty risk division of AXA.

handshake-bwUnder the terms of the arrangement, Enstar’s subsidiary assumed reinsurance losses incurred on or prior to December 31st, 2019, on a diversified mix of global casualty and professional lines for a premium equal to the transfer of loss reserves of 90% of $1.55 billion, or $1.395 billion.

The Enstar subsidiary is set to provide 90% protection on two layers, with AXA XL retaining 10%.

The first layer provides $1.55 billion of cover in excess of a $9.438 billion retention and the second provides an additional $1 billion of cover in excess above $11.363 billion.

The transaction completed after the receipt of regulatory approvals and satisfaction of various other closing conditions.

RMS

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