Aspen Insurance Enters Agreement With Enstar
Aspen Insurance Holdings Limited announced that it has entered into an adverse development cover reinsurance agreement with a wholly owned subsidiary of Enstar Group Limited.
The company said, “In the transaction, Enstar’s subsidiary will reinsure losses incurred on or prior to December 31, 2019 on a diversified mix of property, liability and specialty lines across the U.S., U.K and Europe for a premium of $770 million. Enstar will provide $770 million of cover in excess of a $3.805 billion retention, and an additional $250 million of cover in excess above $4.815 billion.
“Completion of the transaction is subject to regulatory approvals and satisfaction of various other closing conditions. The transaction is expected to close in the first half of 2020.”
