8 February 2017News

Enstar subsidiary to reinsure RSA business

Bermuda-based Enstar Group has announced that one of its subsidiaries has signed an agreement to reinsure RSA Insurance Group UK employers' liability legacy business.

The Enstar subsidiary, which was not named, will assume gross insurance reserves of approximately £957 million, relating to 2005 and prior year business, which primarily consists of UK employers' liability reserves. Net insurance reserves are approximately £834 million and the reinsurance premium payable to Enstar's subsidiary is £799 million.

Following the initial reinsurance, which will transfer the economics of the portfolio up to the policy's limits, the parties will pursue a portfolio transfer of this business under Part VII of the Financial Services and Markets Act 2000, which would provide legal finality for RSA's obligations. The transfer is subject to court, regulatory and other approvals.

Commenting on the transaction, Dominic Silvester, CEO of Enstar, said, "RSA's sizable portfolio is an attractive opportunity for Enstar that substantially expands our presence in the UK employers' liability area, a market that has seen a great deal of activity recently. We welcome the opportunity to partner with RSA, a leading multinational insurance firm, in structuring and executing a transaction for this large legacy portfolio."




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More on this story

News
20 February 2017   Bermuda-based Enstar Group is to sell its subsidiary Pavonia Holdings to an undisclosed affiliate of Global Bankers Insurance Group, the insurance and reinsurance group of companies of Eli Global, for $120 million.
News
28 February 2017   Profits at Enstar Group, the Bermuda-based insurance group, increased in 2016, partly based on the solid performance of its subsidiaries StarStone and Atrium.
News
9 May 2017   Enstar, the insurance holding company that owns both Starstone and Atrium, has reported consolidated net earnings of $54.7 million for the three months ended March 31, 2017, up on the $45.5 million it reported for the same period of 2016.