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Bermuda-based legacy acquisition specialist Enstar Group has completed another legacy transaction taking it to 21 such deals in Lloyd’s since its inception.
Its latest deal sees one of its subsidiaries complete a reinsurance-to-close transaction with Neon’s Syndicate 2468 for certain years.
StarStone Underwriting has signed a letter of agreement with Neon Underwriting for Enstar’s Syndicate 2008 to undertake a reinsurance-to-close transaction. It will assume the liabilities of the 2015 underwriting year of Neon’s Syndicate 2468 (comprising underwriting years 2008 to 2015).
Enstar will assume net reinsurance reserves of £417.1 million relating to the portfolio and gross reserves of £504.2 million. Following the transaction, which is expected to complete in the first quarter of 2018, Enstar will take responsibility for claims handling and provide complete finality to Neon.
Dominic Silvester, Enstar's chief executive, said: “This transaction will build on an established relationship with Neon, having completed a successful reinsurance-to-close in 2016. It brings Enstar’s total completed legacy transactions in Lloyd’s to 21 since inception, which confirms our position as a leading provider of legacy solutions to the Lloyd’s market.”
Enstar, Neon, StarStone Underwriting, Reinsurance to close, Syndicate 2468, Bermuda, London, UK