Menu

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.

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:
“Unfavourable trends” push A.M. Best to go negative on AXIS Capital

Rating agency A.M. Best has turned negative on the ratings of Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited,...

Close