Menu

Reinsurance News

Enstar completes reinsurance to close of Neon syndicate liabilities

21st December 2017 - Author: Steve Evans

Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a reinsurance-to-close transaction that sees it assume liabilities from re/insurer Neon Underwriting’s syndicate at Lloyd’s.

enstar-group-logoEnstar’s Lloyd’s of London managing agency, StarStone Underwriting Limited, agreed with Neon that Enstar’s Syndicate 2008 would enter into the reinsurance-to-close transaction, assuming the liabilities as at the 2015 underwriting year from Neon’s Syndicate 2468.

The liabilities consist of legacy business that consisted of policies underwritten between 2008 and 2015.

Enstar will assume net reinsurance reserves of £417.1 million (around $558 million) from the portfolio and gross reserves of £504.2 million (approximately $674.5 million).

Once the transaction is completed, expected to be in the first quarter of 2018, Enstar will take over all claims handling and provide complete finality on these legacy liabilities to Neon.

Dominic Silvester, Enstar’s Chief Executive Officer, commented on the arrangement, “This transaction will build on an established relationship with Neon, having completed a successful reinsurance-to-close in 2016. It brings Enstar’s total completed legacy transactions in Lloyd’s to 21 since inception, which confirms our position as a leading provider of legacy solutions to the Lloyd’s market.”

Yesterday, a similar transaction was announced by Hamilton Underwriting which reached an agreement with Randall & Quilter (R&Q) and AXA DBIO to support a Reinsurance to Close (RITC) for its syndicate 2014 prior years of account.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Global non-life markets to remain pressurised into 2018: S&P

Global non-life markets are forecast to remain under pressure in 2018 with combined ratios for non-life re/insurers expected to range...

Close