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.
The 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.
