Enstar completes the US’ first insurance business transfer

Enstar Group has completed the first insurance business transfer to occur in the US.

The transaction was between two Enstar subsidiaries: Providence Washington Insurance Company and Yosemite Insurance Company.

The Oklahoma Insurance Business Transfer Act, which came into effect on November 1, 2018, is designed with implied individual policyholder consent after a rigorous regulatory and judicial review process in which all affected stakeholders may participate. Enstar received judicial approval from the Oklahoma County District Court to execute the transfer.