Enstar Group Limited has announced that its Lloyd’s of London managing agency, Syndicate 2008, has completed four reinsurance-to-close transactions for the 2016 and prior years of accounts of Syndicates 1206, 1861, 2526, and 5820, which are managed by AmTrust Syndicates Limited.
According to an announcement, these transactions were completed on February 14th, 2019. These transactions also see Enstar, via Syndicate 2008, assume net reinsurance reserves of roughly £650 million (USD 830 million), effective January 1st, 2019.
AmTrust announced in November of last year that it had completed its previously announced $2.95 billion merger deal with Evergreen Parent L.P., a move that will see the company go private.
There’s been suggestions in the market that AmTrust’s Lloyd’s business is in the process of being acquired, and it could be that these transactions are aligned with any such transaction, as they would provide the buyer with greater certainty over AmTrust’s operations.
