23 February 2018Insurance

Enstar enters $275m reinsurance agreement with Zurich

Bermuda-based Enstar Group has signed an agreement with an Australian subsidiary of Zurich Insurance Group to reinsure its New South Wales Motor Vehicle Compulsory Third Party (CTP) insurance business.

Under the agreement, which is effective as of January 1, 2018, Enstar's subsidiary will assume gross reinsurance reserves of approximately A$350 million (approximately $275 million) relating to the CTP insurance business.

Following the initial reinsurance, which will transfer the economics of the CTP insurance business to Enstar’s subsidiary, the parties will pursue a portfolio transfer of the CTP insurance business which would provide legal finality for Zurich.

Commenting on the transaction, Dominic Silvester, Enstar's chief executive officer, said: “This transaction with Zurich builds on Enstar’s successful management of other large Australian legacy portfolios. It significantly enhances our footprint in Australia as we continue to grow our non-life run-off operations in key insurance markets. We appreciate the opportunity to partner with Zurich to offer a reinsurance solution for its CTP portfolio.”

Join us at Intelligent Automation in Insurance - London 2018.  Book by Feb 28th and you could save £300.

More of today's news

Swiss Re hit by loss in P&C, corporate solutions in 2017

Federated National buys Monarch Delaware, stake from TransRe

Allianz attempts to 'squeeze-out and delist' Euler Hermes

AXA sells non-life Azerbaijan operations

Willis Towers Watson makes key hires to lead Hong Kong businesses

Don't miss our insurtech email newsletter - sign up today

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
19 February 2018   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.
Insurance
26 February 2018   Zurich Insurance Group has entered into an agreement to acquire the operations of Australian insurer QBE in Latin America for a total aggregate price of $409 million.
Insurance
19 June 2018   Run-off specialist Enstar Group is pondering a sale of Atrium Underwriting, which writes business through Lloyd’s syndicate 209, and StarStone Insurance, its speciality insurance unit with a global presence.