25 February 2021Insurance

AXA XL strikes adverse development cover deal with Enstar

Bermuda-based Enstar Group has agreed to provide adverse development cover (ADC) to re/insurer AXA XL for a diversified mix of global casualty and professional lines.

The cover extends to losses incurred on or prior to December 31, 2019, for a premium equal to the transfer of loss reserves of 90 percent of $1.55 billion (or $1.395 billion). AXA XL will retain the other 10 percent.

The deal was signed by a wholly owned subsidiary of Enstar, with protection provided on two layers - one providing $1.55 billion of cover in excess of a $9.44 billion retention, and another providing an additional $1 billion of cover in excess above $11.363 billion.

The transaction remains subject to regulatory approvals and satisfaction of various closing conditions but is expected to close around the end of the first quarter 2021.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
4 January 2021   It will assume net insurance reserves of approximately $690 million.
Insurance
7 December 2020   Enstar will reinsure a legacy portfolio of US liability businesses written by LMIE through London.