Enstar’s Subsidiaries Complete Reinsurance Deal
Enstar Group Limited announced that one of its wholly owned subsidiaries has completed a transaction to reinsure legacy business written by Accredited Surety and Casualty Company, Inc. and Accredited Insurance [Europe] Limited.
A spokesperson said, “Enstar has provided reinsurance in connection with the acquisition of Accredited by Onex Partners.
“The reinsurance addresses Accredited’s assumed and underwritten legacy deals, comprising diversified portfolios, including asbestos, general casualty, workers’ compensation, and other exposures in both the US and the UK/European markets.
“The reinsurance provides cover for net reserves of approximately $234 million, with all administrative duties and claims handling transferring to Enstar.
“The closing of the transaction, in which Guy Carpenter acted as the broker, followed the closing of the broader acquisition of Accredited by Onex Partners and receipt of regulatory approvals and satisfaction of other closing conditions.”
Dominic Silvester, Enstar’s Chief Executive Officer, said, “This partnership with Onex is a strong example of how Enstar can step in to facilitate broader M&A transactions in support of our partner’s long-term strategic goals. The legacy arrangement will enable Accredited to continue to focus on serving its programme management business with a strong capital base.”
