Enstar completes loss portfolio transfer with Argo
An Enstar Group Limited wholly-owned subsidiary has closed its loss portfolio transfer transaction with speciality insurance underwriter Argo Group International Holdings, Ltd, to reinsure a number of its direct US casualty insurance portfolios relating to accident years 2011 to 2019.
Enstar’s subsidiary covers ground up reserves of $746 million and an additional $275 million of cover in excess of $821 million, up to a policy limit of $1.1 billion. Argo will retain a loss corridor of $75 million up to $821 million.
“We are pleased to complete this accretive transaction and partner with Argo,” said Enstar’s chief executive officer Dominic Silvester.
“We remain well-positioned with ample capacity and a robust pipeline to provide tailored, capital-relief solutions to additional partners and deliver long-term value for our stakeholders.”