Lloyd’s insurer Probitas 1492 seals reinsurance-to-close deal with Enstar

Lloyd’s insurer  Probitas Managing Agency has signed an agreement with Bermuda-based  Enstar to undertake a split reinsurance-to-close (RITC) transaction to cover the 2018 and prior year of account exposures of Syndicate 1492.

These exposures, previously reinsured to close into the Syndicate’s 2020 year of account, will be assumed by Syndicate 2008, managed by Enstar Managing Agency. Completion of the RITC remains subject to regulatory approvals.

In advance of the RITC, Probitas has entered into a loss portfolio transfer (LPT) agreement with Syndicate 2008 in respect of the 2020 year of account of Syndicate 1492 for the same business.

Probitas was advised by TigerRisk and Norton Rose Fulbright.

Ash Bathia (pictured), Probitas' chief executive officer, said: “We are delighted with the engagement and collaboration with the Enstar team in delivering an innovative and bespoke solution to meet our strategic objectives. This agreement provides greater certainty as we continue to grow and diversify our business profitably.”

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