Enstar On Reinsurance Transaction With ProSight
Enstar Group Limited announced that one of its wholly owned subsidiaries has entered into an agreement with subsidiaries of ProSight Global, Inc. to provide reinsurance relating to 2019 and prior year business.
“The reinsurance will comprise a ground up loss portfolio transfer of ProSight’s discontinued workers’ compensation and excess workers’ compensation lines of business and an adverse development cover on ProSight’s diversified mix of general liability classes of business,” the company said.
“In the transaction, ProSight will cede net loss reserves of approximately $500 million and Enstar’s subsidiary will provide additional aggregate limit of $250 million.
“The transaction is subject to the closing of a broader strategic transaction announced by ProSight today and remains subject to regulatory approval and other closing conditions.”
