Enstar agrees reinsurance deal with ProSight

Enstar Group has entered into an agreement with subsidiaries of ProSight Global via one of its subsidiaries to provide reinsurance relating to 2019 and prior year business.

The reinsurance comprises a ground up loss portfolio transfer of ProSight’s discontinued workers’ compensation and excess workers’ compensation lines of business. It also includes an adverse development cover on ProSight’s diversified mix of general liability classes of business.

ProSight will cede net loss reserves of approximately $500 million and Enstar’s subsidiary will provide an additional aggregate limit of $250 million.

The transaction is subject to the closing of a broader strategic transaction announced by ProSight and remains subject to regulatory approval and other closing conditions.