Reinsurance News
Enstar
Enstar enters an adverse development cover agreement with AIG
7th September 2023
Enstar Group Limited has announced one of its subsidiaries has signed an agreement with American International Group, Inc. to provide protection against adverse development on a portion of Validus Re’s loss reserves. It is one of Enstar’s wholly-owned subsidiaries that has joined this agreement. AIG retains exposure to some portion of Validus ... Read the full article
Sarah Ruberry joins Enstar as Group Chief Compliance Officer
8th August 2023
Sarah Ruberry has joined the Enstar Group, a Bermuda based re/insurance and run-off specialist, as Group Chief Compliance Officer. Ruberry brings over two decades of industry experience to her new role. Prior to Enstar, she served for almost three years as CEO of Catalina General, a wholly owned Bermuda-domiciled reinsurance company ... Read the full article
Enstar sees Q2 net earnings of $21m compared to net loss a year ago
3rd August 2023
Enstar Group Limited has disclosed Q2 net earnings of $21 million, up substantially compared to a net loss of $434 million in the same period last year. Combined with Q1, net earnings for the first half a year now stand at $445 million, much improved compared to a net loss of ... Read the full article
Enstar completes loss portfolio transfer with RACQ
2nd June 2023
Legacy specialist Enstar Group announced that one of its wholly-owned subsidiaries closed a previously announced Loss Portfolio Transfer (LPT) agreement with RACQ Insurance to reinsure 80% of RACQ’s motor vehicle Compulsory Third Party (CTP) insurance liabilities covering accident years 2021 and prior. Effective from July 1, 2022, the reinsurance agreement entails ... Read the full article
Enstar posts net earnings in Q1’23 vs year-ago loss
4th May 2023
Enstar Group reported a net earnings of $424 million in the first-quarter of 2023, compared to net loss of $267 million in Q1 2022. Return on equity (ROE) was 9.5% in Q1 of 2023, compared with (4.6)% the previous year, while adjusted ROE was 6.8% for the quarter compared to (1.1)% ... Read the full article
Enstar closes $1.9bn LPT with QBE Insurance
11th April 2023
Legacy specialist Enstar Group's wholly owned subsidiaries have completed a Loss Portfolio Transfer (LPT) transaction with certain subsidiaries of QBE Insurance Group on a diversified portfolio of business. The transaction covers International and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs. Under the LPT, Enstar’s ... Read the full article
Enstar appoints Gregory as President as O’Shea retires
6th March 2023
Enstar has appointed Orla Gregory as president following the retirement of Paul O’Shea, which came into effect on March 1, 2023. The company announced his planned retirement in the summer of 2022, and has since provided a smooth transition of leadership of the company's M&A activities to chief strategy officer, ... Read the full article
Investment volatility drives Enstar to $906m loss
1st March 2023
Enstar Group has reported a net loss of $906 million for 2022, after booking an investment segment loss of $1.3 billion due to volatility in the market. The company’s headline performance metric was much lower than the net earnings of $502 million that it posted for 2021, despite its run-off segment ... Read the full article
Enstar to enter Loss Portfolio Transfer with RACQ
22nd February 2023
Enstar Group has announced that one of its wholly-owned subsidiaries has signed a Loss Portfolio Transfer (LPT) agreement with RACQ Insurance to reinsure 80% of RACQ’s motor vehicle Compulsory Third Party (CTP) insurance liabilities covering accident years 2021 and prior. RACQ will cede net reserves of approximately AUD$360 million, while Enstar’s ... Read the full article
Enstar to enter $1.9bn Loss Portfolio Transfer with QBE
17th February 2023
Enstar Group has announced that its wholly-owned subsidiaries have reached an agreement for a ground-up Loss Portfolio Transfer (LPT) with certain subsidiaries of QBE on a diversified portfolio of business. Enstar states that this business covers International and North American financial lines, European and North American reinsurance portfolios, and several US discontinued ... Read the full article
Enstar completes loss portfolio transfer with Argo
10th November 2022
Enstar has completed a loss portfolio transfer with underwriting firm Argo to reinsure a number of its direct US casualty insurance portfolios relating to accident years 2011 to 2019. Enstar’s subsidiary covers ground up reserves of $746m and an additional $275m of cover in excess of $821m, up to a policy ... Read the full article
Enstar reports net loss of $444mn in Q3 2022
3rd November 2022
Enstar Group has reported a net loss of $444 million in the third quarter of 2022, compared to a net loss of $196 million in the third quarter of 2021. This contrasted with the firm saying that its net loss for the year currently stands at $1.2 billion, compared to net ... Read the full article
Probitas 1492 to enter split RITC transaction with Enstar to cover exposures
5th September 2022
Probitas 1492, an underwriting Syndicate at Lloyd’s of London, has announced that its managing agent, Probitas Managing Agency Limited, has signed an agreement with Enstar to undertake a split reinsurance-to-close (RITC) transaction to cover previous account exposures. Specifically, the RITC will cover the 2018 and prior years of account exposures of ... Read the full article
Enstar files to shut down Enhanzed Re joint venture
19th August 2022
Legacy specialist Enstar is to shutter its Enhanzed Re joint venture, eliminating all catastrophe exposure. In a filing with the US Securities and Exchange Commission (SEC), the firm said it was transferring its share of the firm to Allianz. The filing reads: “On August 18, 2022, Cavello Bay, a wholly-owned subsidiary of ... Read the full article
Enstar in US casualty LPT deal with Argo
9th August 2022
Enstar Group has announced that it has entered into a major loss portfolio transfer (LPT) deal with specialty insurance underwriter Argo Group International Holdings. Under the terms of the LPT, Enstar will reinsure a number of Argo's direct U.S. casualty insurance portfolios, including construction, relating to accident years 2011 to 2019. A ... Read the full article
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