Reinsurance News

Enstar finalises reinsurance-to-close of Neon legacy liabilities

19th February 2018 - Author: Staff Writer

Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a previously disclosed reinsurance-to-close transaction between its Lloyd’s managing agency, StarStone Underwriting, and Neon Underwriting for Enstar’s Syndicate 2008.

enstar-group-logoThe transaction will see Enstar assume the liabilities of Neon’s Syndicate 2468, amounting to net reinsurance reserves of about $456.4 million relating to the portfolio and gross reserves of about $543.4 million.

The liabilities consist of legacy business that consisted of policies underwritten between 2008 and 2015; Enstar will take over all claims handling and provide complete finality on these legacy liabilities to Neon.

The closing followed receipt of Lloyd’s approval and satisfaction of closing conditions.

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