Enstar Group Completes $442M Deal With IAG
Enstar Group Limited has completed the previously announced transaction between one of its wholly owned subsidiaries with Insurance Australia Limited, on behalf of Insurance Australia Group [IAG], following receipt of the relevant regulatory approvals and satisfaction of the final closing conditions.
A spokesperson said, “Under the terms of the adverse development cover [ADC] agreement, Enstar will provide approximately the equivalent of US$442 million [AU$650m] of excess cover over the equivalent of US$1.7 billion [AU$ 2.5bn] of underlying reserves for certain long-tail insurance business. The portfolio includes Product & Public Liability, Compulsory Third-Party Motor, Professional Risks and Workers’ Compensation for losses incurred on or prior to June 30, 2023.”
