Bermuda based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced that it has completed its acquisition of Maiden Re North America from a subsidiary of Maiden Holdings.
The net consideration paid in the transactions was $272.4 million, which represents the adjusted purchase price less the ceding commission.
Domiciled in Missouri, Maiden Re North America is a diversified insurance company that provides property and casualty (P&C) treaty reinsurance, casualty facultative reinsurance, and accident and health (A&H) treaty reinsurance.
As previously disclosed, the transaction included novation and retrocession agreements pursuant to which the Company’s subsidiary, Cavello Bay Reinsurance Limited, assumed certain Maiden Reinsurance Ltd. business in exchange for a ceding commission.
At closing, Enstar assumed approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves.