An Enstar Group subsidiary has entered into an agreement to reinsure about $100 million, or 50%, of Allianz SE’s legacy business portfolio with effect from December 31, 2017.
The subsidiary will assume net reinsurance reserves of approximately $0.1 billion in order to reinsure 50% of certain U.S. workers’ compensation and asbestos, pollution and toxic tort business originally assumed by San Francisco Reinsurance Company.
Commenting on the transaction, Dominic Silvester, Enstar’s Chief Executive Officer, said; “In 2016, we partnered with Allianz SE to provide reinsurance solutions for legacy portfolios.
“We are pleased to continue building our relationship with Allianz SE by entering into another transaction that aligns with our core competencies and growth strategy.”
In addition, Enstar said it would provide consulting services for the entire $0.2 billion portfolio.
