Enstar Completes Transaction With AXA XL
Enstar Group Limited announced that one of its wholly owned subsidiaries has completed a transaction with AXA XL, a division of AXA, to provide adverse development cover.
A spokesperson said, “In the transaction, Enstar’s subsidiary assumed reinsurance losses incurred on or prior to December 31, 2019 on a diversified mix of global casualty and professional lines for a premium equal to the transfer of loss reserves of 90% of $1.550 billion [or $1.395 billion].
“Enstar’s subsidiary is providing 90% protection [with AXA XL retaining 10%] on two layers, the first providing $1.550 billion of cover in excess of a $9.438 billion retention and the second providing an additional $1.0 billion of cover in excess above $11.363 billion.
“Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.”
