Enstar Reinsures £840M Novae Legacy Portfolio
Enstar Group Limited announced that its Lloyd’s managing agency, StarStone Underwriting Limited, has finalized a reinsurance-to-close transaction with AXIS Managing Agency Limited under which Enstar’s Syndicate 2008 will reinsure to close the 2015 and prior underwriting years of account of Novae Syndicate 2007.
Enstar will assume net reinsurance reserves of approximately £600 million [approximately $811 million] relating to the portfolio and gross reserves of approximately £840 million [approximately $1,136 million] effective January 1, 2018.
Commenting on the transaction, Dominic Silvester, Enstar’s Chief Executive Officer said, “As one of several reinsurance-to-close transactions undertaken by Enstar recently – one of the largest transactions of its type in recent years – the Novae deal underlines Enstar’s capability as a leading reinsurance-to-close provider.
“By working closely with the Novae and AXIS teams, we were able to complete this significant transaction, highlighting our ability to efficiently enable our partners to restructure their liabilities, improve their capital position and strengthen their businesses.”
