Enstar Completes First Insurance Business Transfer Transaction in the U.S.
October 15 2020 - 4:05PM
Enstar Group Limited (NASDAQ: ESGR) (“Enstar”) today announced that
it has successfully completed the first ever insurance business
transfer (“IBT”) to occur in the United States, having received
judicial approval from the Oklahoma County District Court. The
transaction occurred between two of our subsidiaries, Providence
Washington Insurance Company (“PWIC”) and Yosemite Insurance
Company (“Yosemite”).
An IBT is a direct transfer of liabilities between insurers
after review by an Independent Expert and receiving regulatory and
judicial approval. The Oklahoma Insurance Business Transfer Act
(“IBT Act”) includes similar principles as the Part VII of the
Financial Services and Markets Act of 2000 in the United Kingdom.
Notably, the legislative framework is designed with implied
individual policyholder consent after a rigorous regulatory and
judicial review process in which all affected stakeholders may
participate. The IBT Act went into effect in Oklahoma on November
1, 2018.
Although common in many parts of the world, this is the first
insurance business transfer to occur in the United States.
About Enstar
Enstar is a NASDAQ-listed leading global
insurance group that offers innovative capital release solutions
through its network of group companies in Bermuda, the United
States, the United Kingdom, Continental Europe, Australia, and
other international locations. A market leader in completing legacy
acquisitions, Enstar has acquired over 100 companies and portfolios
since its formation in 2001. For further information about Enstar,
see www.enstargroup.com.
Contact: Enstar
CommunicationsTelephone: +1 (441) 292-3645
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