Aspen Announces Adverse Development Cover Agreement With Enstar
March 02 2020 - 5:00PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) announced
today that it has entered into an adverse development cover
reinsurance agreement with a wholly owned subsidiary of Enstar
Group Limited (NASDAQ: ESGR).
In the transaction, Enstar’s subsidiary will reinsure losses
incurred on or prior to December 31, 2019 on a diversified mix of
property, liability and specialty lines across the U.S., U.K and
Europe for a premium of $770 million. Enstar will provide $770
million of cover in excess of a $3.805 billion retention, and an
additional $250 million of cover in excess above $4.815
billion.
Completion of the transaction is subject to regulatory approvals
and satisfaction of various other closing conditions. The
transaction is expected to close in the first half of 2020.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in
various domestic and global markets through wholly-owned
subsidiaries and offices in Australia, Bermuda, Canada, Singapore,
Switzerland, the United Arab Emirates, the United Kingdom and the
United States. For the year ended December 31, 2018, Aspen reported
$12.5 billion in total assets, $7.1 billion in gross reserves, $2.7
billion in total shareholders’ equity and $3.4 billion in gross
written premiums. Aspen's operating subsidiaries have been assigned
a rating of “A” by Standard & Poor’s Financial Services LLC, an
“A” (“Excellent”) by A.M. Best Company Inc. and an “A2” by Moody’s
Investors Service, Inc. For more information about Aspen, please
visit www.aspen.co.
Cautionary Statement Regarding
Forward-Looking Statements:
This communication and other written or oral statements made by
or on behalf of Aspen contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
that are made under the “safe harbor” provisions of The Private
Securities Litigation Reform Act of 1995. In particular, statements
using words such as “may,” “seek,” “will,” “likely,” “assume,”
“estimate,” “expect,” “anticipate,” “intend,” “believe,” “do not
believe,” “aim,” “predict,” “plan,” “project,” “continue,”
“potential,” “guidance,” “objective,” “outlook,” “trends,”
“future,” “could,” “would,” “should,” “target,” “on track” or their
negatives or variations, and similar terminology and words of
similar import, generally involve future or forward-looking
statements. Forward-looking statements reflect Aspen’s current
views, plans or expectations with respect to future events and
financial performance. They are inherently subject to significant
business, economic, competitive and other risks, uncertainties and
contingencies. The inclusion of forward-looking statements in this
or any other communication should not be considered as a
representation by Aspen or any other person that current plans or
expectations will be achieved. Forward-looking statements speak
only as of the date on which they are made, and Aspen undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as otherwise required by law.
There are or will be important factors that could cause actual
results to differ materially from those expressed in any such
forward-looking statements, including, but not limited to, factors
affecting future results disclosed in Aspen’s filings with the SEC,
including but not limited to those discussed under Item 1A, “Risk
Factors” in Aspen’s Annual Report on Form 10-K for the year ended
December 31, 2018 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2019, each of which is incorporated herein by
reference.
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version on businesswire.com: https://www.businesswire.com/news/home/20200302006001/en/
Media Peter Krinks Senior Group Communications Manager
peter.krinks@aspen.co +44 (0)20 7184 8544
Aspen Insurance (NYSE:AHL)
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