Enstar completes Argo deal

Enstar Group has announced that one of its wholly-owned subsidiaries has closed its loss portfolio transfer transaction with specialty insurance underwriter Argo Group International Holdings 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.

Dominic Silvester, Enstar’s chief executive officer, said: “We are pleased to complete this accretive transaction and partner with Argo. 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.”

Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.