Enstar finalises reinsurance-to-close transaction with Neon

Enstar Group-owned Lloyd’s managing agency, StarStone Underwriting has finalised a reinsurance-to-close transaction with Neon Underwriting, according to a Feb. 16 press release.

As part of the deal, Enstar’s Syndicate 2008 assumes the liabilities of the 2015 underwriting year of Neon’s Syndicate 2468 (comprising underwriting years 2008 to 2015).

In the transaction, Enstar assumed net reinsurance reserves of £337.8 million relating to the portfolio and gross reserves of £402.2 million.

The closing followed receipt of Lloyd’s approval.

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