Enstar Completes Loss Portfolio Transfer Agreement With Aspen
May 20, 2022
The existing adverse development cover between the parties that closed in June 2020, under which Enstar assumed $770 million of loss reserves (the “ADC”), has been absorbed into the LPT.
As a result of the LPT, Enstar assumed an incremental
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
Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.
Enstar is a NASDAQ-listed leading global (re)insurance group that offers capital release solutions through its network of group companies in
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, including those relating to the integration of run-off acquisitions. Important risk factors regarding Enstar can be found under the heading "Risk Factors" in our Form 10-K for the year ended
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Source: Enstar Group Limited