Enstar Completes Loss Portfolio Transfer With Argo
09 Novembre 2022 - 10:15PM
Enstar Group Limited (NASDAQ: ESGR) announced today that one of its
wholly-owned subsidiaries has closed its Loss Portfolio Transfer
transaction with specialty insurance underwriter Argo Group
International Holdings, Ltd. (NYSE: ARGO) (“Argo”) to reinsure a
number of its direct U.S. casualty insurance portfolios relating to
accident years 2011 to 2019.
Enstar’s subsidiary covers 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, Enstar’s Chief Executive Officer, said: “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.”
Completion of the transaction followed receipt of regulatory
approvals and satisfaction of various other closing conditions.
About Enstar
Enstar is a NASDAQ-listed leading global
insurance group that offers innovative capital release solutions
through its network of group companies in Bermuda, the United
States, the United Kingdom, Continental Europe, Australia, and
other international locations. A market leader in completing legacy
acquisitions, Enstar has acquired over 110 companies and portfolios
since its formation in 2001. For further information about Enstar,
see www.enstargroup.com.
Cautionary Statement
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements include statements regarding the intent,
belief or current expectations of Enstar and its management team.
Investors are cautioned that any such forward-looking statements
speak only as of the date they are made, are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those projected in the
forward-looking statements as a result of various factors,
including those relating to the integration of run-off
transactions. Important risk factors regarding Enstar can be found
under the heading "Risk Factors" in Enstar’s Form 10-K for the year
ended December 31, 2021 and are incorporated herein by reference.
Furthermore, Enstar undertakes no obligation to update any written
or oral forward-looking statements or publicly announce any updates
or revisions to any of the forward-looking statements contained
herein, to reflect any change in its expectations with regard
thereto or any change in events, conditions, circumstances or
assumptions underlying such statements, except as required by
law.
Contact: Enstar
Communications
Telephone: +1 (441) 292-3645
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