23 February 2018News

Enstar subsidiary signs Australian reinsurance deal

Enstar Group has revealed that one of its subsidiaries has signed a reinsurance agreement with an Australian subsidiary of Zurich Insurance Group covering its New South Wales motor vehicle compulsory third party (CTP) insurance business.

Under the terms of the deal, which became effective as of January 1, 2018, Enstar's subsidiary will assume gross reinsurance reserves of approximately A$350 million (approximately $275 million) relating to the CTP insurance business.

Enstar said that following the initial reinsurance, which will transfer the economics of the CTP insurance business to Enstar's subsidiary, the parties will pursue a portfolio transfer of the CTP insurance business under Division 3A of Part III of Australia's Insurance Act 1973, which would provide legal finality for Zurich. The Division 3A transfer is subject to court, regulatory and other approvals.

"This transaction with Zurich builds on Enstar's successful management of other large Australian legacy portfolios,” said Dominic Silvester, Enstar's chief executive officer. “It significantly enhances our footprint in Australia as we continue to grow our non-life run-off operations in key insurance markets. We appreciate the opportunity to partner with Zurich to offer a reinsurance solution for its CTP portfolio."




More on this story

News
2 January 2018   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.
News
1 March 2018   Enstar has reported that its consolidated net earnings for 2017 came to $311.5 million, up on the $264.8 million it made in 2016.
News
9 May 2018   Enstar Group has reported consolidated net losses of $41.2 million for the first three months of 2018, a fall from the $54.7 million profit it made in the same period of 2017.

More on this story

News
2 January 2018   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.
News
1 March 2018   Enstar has reported that its consolidated net earnings for 2017 came to $311.5 million, up on the $264.8 million it made in 2016.
News
9 May 2018   Enstar Group has reported consolidated net losses of $41.2 million for the first three months of 2018, a fall from the $54.7 million profit it made in the same period of 2017.