Enstar Completes the Reinsurance of $0.5 Billon of Zurich North America’s Legacy A&E Business
October 01 2019 - 4:15PM
Enstar Group Limited (NASDAQ: ESGR) announced today that one of its
wholly-owned subsidiaries has completed a previously announced
transaction to reinsure a number of the U.S. asbestos and
environmental liability insurance portfolios of Zurich North
America.
In the transaction, Enstar’s subsidiary assumed
gross insurance reserves of approximately $0.5 billion, relating to
1986 and prior year business.
Completion of the transaction followed receipt
of regulatory approvals and satisfaction of various other closing
conditions.
About Enstar
Enstar is a multi-faceted insurance group, with
approximately $18.2 billion in assets, that offers innovative
capital release solutions and specialty underwriting capabilities
through its network of group companies in Bermuda, the United
States, the United Kingdom, Continental Europe, Australia, and
other international locations. Enstar is a market leader in
completing legacy acquisitions, having acquired over 95 companies
and portfolios since its formation in 2001. Enstar’s active
underwriting businesses include the StarStone group of companies,
an A- rated global specialty insurance group with multiple global
underwriting platforms, and the Atrium group of companies, which
manage and underwrite specialist insurance and reinsurance business
for Lloyd’s Syndicate 609. For further information about Enstar,
see www.enstargroup.com.
Contact: Guy
BowkerTelephone: +1 (441) 292-3645
Enstar (NASDAQ:ESGR)
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