Enstar Group has announced that one of its wholly-owned subsidiaries has entered into an agreement to reinsure a portfolio of Allianz’s run-off business as from December 31, 2017.
Enstar's subsidiary, which was not named in the announcement, will assume net reinsurance reserves of approximately $0.1 billion by reinsuring 50 percent of certain US workers' compensation and asbestos, pollution and toxic tort business originally assumed by San Francisco Reinsurance Company. Enstar will also provide consulting services with respect to the entire $0.2 billion portfolio.
“In 2016, we partnered with Allianz to provide reinsurance solutions for legacy portfolios,” said Dominic Silvester, Enstar's chief executive officer. “We are pleased to continue building our relationship with Allianz by entering into another transaction that aligns with our core competencies and growth strategy.”
Enstar, Allianz, Reinsurance, Runoff, Bermuda