Enstar Completes Loss Portfolio Transfer With RACQ
June 02 2023 - 7:30AM
Enstar Group Limited (NASDAQ: ESGR) announced today that one of its
wholly-owned subsidiaries has closed a previously announced Loss
Portfolio Transfer agreement with RACQ Insurance Limited (“RACQ”)
to reinsure 80% of RACQ’s motor vehicle compulsory third party
insurance liabilities, covering accident years 2021 and prior.
Under the reinsurance agreement, which is
effective as of July 1, 2022, RACQ will cede net reserves of
approximately AUD$ 360 million (USD$ 235 million), and Enstar’s
subsidiary will provide approximately AUD$ 200 million (USD$ 130
million) of cover in excess of the ceded reserves. The amount of
net loss reserves ceded, as well as the settlement and limit
amounts provided in the agreement, will be adjusted for claims paid
between the effective date and the closing date of the transaction,
pursuant to the terms of the contract.
Completion of the transaction followed receipt
of regulatory approvals and satisfaction of various other closing
conditions.
About Enstar
Enstar is a NASDAQ-listed leading global
(re)insurance group that offers innovative capital release
solutions through its network of group companies in Bermuda, the
United States, the United Kingdom, Continental Europe and
Australia. A market leader in completing legacy acquisitions,
Enstar has acquired over 115 companies and portfolios since its
formation. For further information about Enstar, see
www.enstargroup.com.
Contacts
For Investors: Matthew Kirk
(investor.relations@enstargroup.com)
For Media: Jenna Kerr
(communications@enstargroup.com)
Contact:
Enstar Communications |
Telephone: +1
(441) 292-3645 |
Enstar (NASDAQ:ESGR)
Historical Stock Chart
From Jul 2024 to Aug 2024
Enstar (NASDAQ:ESGR)
Historical Stock Chart
From Aug 2023 to Aug 2024