Enstar closes nearly $1bn US casualty LPT deal with Argo
Bermuda-based legacy specialist Enstar Group has completed an “accretive” loss portfolio transfer with specialty insurance underwriter Argo, signalling a “robust pipeline” of capital relief solutions with plentiful capacity in the run-off market.
The deal, first revealed in August, saw it reinsure a number of direct US casualty insurance portfolios of Argo, including construction, relating to accident years 2011 to 2019.
Enstar’s subsidiary covered ground up reserves of $746 million and an additional $275 million of cover in excess of $821 million, up to a policy limit of $1.1 billion.
Argo will retain a loss corridor of $75 million up to $821 million.
Dominic Silvester (Pictured), Enstar’s chief executive officer, commented: “We are pleased to complete this accretive transaction and partner with Argo. We remain well-positioned with ample capacity and a robust pipeline to provide tailored, capital relief solutions to additional partners and deliver long-term value for our stakeholders.”
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