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Reinsurance News
1st April 2020
A wholly owned U.S. subsidiary of legacy acquirer Enstar Group Limited has entered into a novation agreement with affiliates of ridesharing company Lyft, Inc. and certain underwriting companies of Zurich North America, a division of global insurer Zurich. Under the terms of the novation agreement, Enstar will reinsure legacy automobile business ... Read the full article
3rd March 2020
Bermuda domiciled insurer and reinsurer, Aspen Insurance Holdings Limited, has entered into an adverse development cover (ADC) reinsurance arrangement with wholly owned subsidiaries of Enstar Group Limited. Under the terms of this ADC reinsurance agreement, Enstar's subsidiary will reinsure losses incurred on or prior to December 31st, 2019 on a diversified ... Read the full article
27th February 2020
Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced the departure of Sandra Boss from its board of directors. Effective April 1, Boss will vacate her position to pursue a full-time executive role with another company. Boss has been a director of Enstar since 2015, serves as chair of ... Read the full article
12th December 2019
Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has increased the total commitments under its $1 billion credit facility to support potential future reinsurance deals. Last year, Enstar and certain subsidiaries entered into a five-year unsecured $600 million revolving credit agreement with a group of lenders. The ... Read the full article
7th November 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has reported consolidated net earnings of $117.7 million for the third quarter of 2019, helped by net realized and unrealized gains of $148.2 million. This represents an increase in net earnings of $133.7 million when compared with the net loss of $16.0 ... Read the full article
30th October 2019
Bermuda-based re/insurance, run-off and legacy specialist, Enstar Group Limited, has announced that its Enstar Holdings (US) LLC division has acquired BorgWarner Morse TEC, LLC (Morse TEC) from BorgWarner Inc. This the second time that Enstar has purchased a non-insurance company, following its $91.5 million acquisition of Dana Companies, LLC for ... Read the full article
2nd October 2019
Bermuda domiciled re/insurance, run-off and legacy specialist Enstar Group, has announced that one of its wholly-owned subsidiaries has completed a transaction to reinsure a book of US asbestos and environmental liability insurance portfolios of Zurich North America. The transaction, which saw Enstar's subsidiary assume gross insurance reserves of roughly $500 million ... Read the full article
12th September 2019
A subsidiary of Enstar Group Limited has signed an agreement with subsidiaries of reinsurance giant Munich Re to acquire certain portfolios from their Australian branches of Great Lakes Insurance and HSB Engineering Insurance. An announcement on the deal notes that it primarily consists of long tail insurance business. In the transaction, which ... Read the full article
7th August 2019
Bermuda-based insurance, reinsurance, run-off and legacy specialist, Enstar Group Limited (Enstar), has reported higher consolidated net earnings of $231.8 million and $590.6 million for the second-quarter and first-half of 2019, respectively. For Q2, Enstar's net earnings increased significantly from the $8.2 million recorded in Q2 2018, while the firm's H1 2019 ... Read the full article
6th August 2019
Enstar Group Limited has now completed the adverse development cover (ADC) reinsurance agreement with Maiden Holdings that covers a quota share arrangement between Maiden Re and AmTrust Financial Services. Enstar's Bermuda operating company Cavello Bay Reinsurance Limited has effected the adverse development cover reinsurance transaction with Maiden Reinsurance Ltd. Maiden ... Read the full article
14th June 2019
Bermuda based re/insurance, run-off and legacy transaction specialist Enstar Group has announced the appointment of Myron Hendry to its Board as a class II Director, effective July 1. Hendry's appointment was recommended to the Board by Enstar’s Nominating and Governance Committee, which is comprised entirely of independent directors. Hendry most recently served ... Read the full article
17th April 2019
A subsidiary of Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement with a subsidiary of global insurer Zurich that will see it reinsure a book of US asbestos and environmental liability insurance portfolios. Roughly $500 million of gross insurance reserves related to 1986 and prior ... Read the full article
9th April 2019
Global specialty insurer StarStone has made a series of leadership changes which includes the appointment of Ed Noonan as Group Chairman. Dick Sanford joins as President of the Group while Chris Rash has been promoted to Chief Executive Officer of StarStone International and Deputy Group CEO. Noonan brings over 30 years’ ... Read the full article
4th March 2019
Enstar Group Limited and Maiden Holdings have entered into a new adverse development cover (ADC) reinsurance agreement that will replace the previous loss portfolio transfer (LPT) deal relating to Maiden Re’s quota share of AmTrust Financial Services. The arrangement will see an Enstar subsidiary cover Maiden Re’s quota share reinsurance contracts ... Read the full article
15th February 2019
Enstar Group Limited has announced that its Lloyd's of London managing agency, Syndicate 2008, has completed four reinsurance-to-close transactions for the 2016 and prior years of accounts of Syndicates 1206, 1861, 2526, and 5820, which are managed by AmTrust Syndicates Limited. According to an announcement, these transactions were completed on February ... Read the full article
