Enstar finishes up Maiden Re transaction
Enstar Group has announced that one of its wholly-owned subsidiaries completed a previously announced transaction to acquire Maiden Reinsurance North America from a subsidiary of Maiden Holdings.
Maiden Re North America is a diversified insurance company domiciled in Missouri that provides property and casualty treaty reinsurance, casualty facultative reinsurance and accident and health treaty reinsurance. As previously disclosed, the transaction included novation and retrocession agreements pursuant to which the Company's subsidiary, Cavello Bay Reinsurance Limited, assumed certain Maiden Reinsurance Ltd. business in exchange for a ceding commission.
According to Enstar the net consideration paid in the transactions was $272.4 million, which represents the adjusted purchase price less the ceding commission. At closing, Enstar assumed approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves.
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