Enstar to enter loss portfolio transfer with RACQ
One of Enstar Group Limited’s wholly-owned subsidiaries has signed a loss portfolio transfer agreement with RACQ Insurance Limited to reinsure 80 per cent of RACQ’s motor vehicle compulsory third party insurance liabilities, covering accident years 2021 and prior.
Under the reinsurance, which is effective as of July 1, 2022, RACQ will cede net reserves of approximately $360 million, and Enstar’s subsidiary will provide approximately $200 million of cover in excess of the ceded reserves. The transaction will complete upon receipt of regulatory approvals and satisfaction of various other closing conditions.
“This transaction with RACQ, one of the largest auto insurers in Queensland, is well aligned with our core competencies and further demonstrates Enstar’s expertise in providing reinsurance solutions for our partners,” Enstar chief executive officer Dominic Silvester said. “Australia is an important jurisdiction and very much part of our focus as we look to deliver long-term value to our clients worldwide.”
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