Enstar Reinsures Hiscox Legacy Portfolio
Enstar Group Limited announced that one of its wholly owned subsidiaries has completed a Loss Portfolio Transfer with Hiscox Ltd.
A spokesperson said, “Enstar Group Limited announces today that one of its wholly owned subsidiaries has completed a Loss Portfolio Transfer with Hiscox Ltd [Hiscox], pursuant to which Enstar’s Syndicate 2008 has reinsured a diversified portfolio of legacy insurance business underwritten by Hiscox Syndicate 3624, including the majority of Hiscox USA’s surplus lines broker business.
“Through the transaction, Hiscox has ceded net insurance reserves of approximately $520 million at 31st December 2020 relating to 2019 and prior-year business.”
