Aspen appoints head of Data & Analytics
Enstar posts Q2 net loss of $493m
Enstar posts Q1 net loss of $282m
A subsidiary owned by Enstar Group has closed a previously announced agreement for a ground-up loss portfolio transfer with Aspen Insurance Holdings and its subsidiaries for their 2019 and prior business. Enstar will assume net loss reserves of $3.12 billion, subject to a limit of $3.57 billion.
The existing adverse development cover between the parties that closed in June 2020, under which Enstar assumed $770 million of loss reserves, has been absorbed into the LPT.
As a result of the LPT, Enstar assumed an incremental $2.35 billion of net loss reserves, with a diverse mix of property, liability and specialty lines, in exchange for incremental premium of $2.39 billion, and will assume claims control.
The amount of net loss reserves assumed, as well as the premium and limit amounts provided in the LPT agreement, will be adjusted for claims paid between October 1, 2021, 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.
Enstar Group, Aspen Insurance, Agreement, Loss Portfolio Transfer, Property, Liability, Specialty, Insurance, Reinsurance, Bermuda