Enstar Loss Portfolio Transfer With QBE
Enstar Group Limited announced that its subsidiary has completed a loss portfolio transfer with QBE Insurance.
A spokesperson said, “Enstar Group Limited announced today that one of its wholly-owned subsidiaries has closed a previously announced ground-up loss portfolio transfer transaction with subsidiaries of QBE Insurance Group Limited [QBE] to reinsure a portfolio of US commercial liability and workers’ compensation business, largely underwritten on recently discontinued programs.
“Under the reinsurance agreement, QBE ceded net reserves of approximately $376 million, and Enstar’s subsidiary provided approximately $175 million of cover in excess of the ceded reserves.
“Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.”
