Enstar to Enter $1.9 Billion Loss Portfolio Transfer With QBE
16 Febbraio 2023 - 10:34PM
Enstar Group Limited (NASDAQ: ESGR) announced today that its
wholly-owned subsidiaries have reached an agreement for a ground-up
Loss Portfolio Transfer (“LPT”) with certain subsidiaries of QBE
Insurance Group Limited (“QBE”) on a diversified portfolio of
business, covering International and North America financial lines,
European and North American reinsurance portfolios, and several US
discontinued programs.
In the LPT transaction, which will be effective
as of January 1, 2023, Enstar’s subsidiaries will assume net loss
reserves from QBE of $1.9 billion and will provide approximately
$900 million of cover in excess of the ceded reserves on business
largely underwritten between 2010 and 2018.
The transaction will complete upon receipt of
regulatory approvals and satisfaction of various other closing
conditions. Upon completion, a portion of the portfolio currently
underwritten via QBE’s Lloyd’s syndicates 386 and 2999 will be
transferred into Enstar syndicate 2008.
Dominic Silvester, Enstar’s Chief Executive
Officer, said: “This transaction, our second significant
collaboration with leading insurance group, QBE, represents a
unique and emerging business opportunity for Enstar. In addition to
covering QBE’s discontinued lines, we are providing our expertise
on seasoned liabilities within ongoing lines of business as a
source of value creation. This innovative structure requires strong
alignment of interests, and we have secured that with our
long-standing partner QBE.”
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 115 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 can identify these
statements by the fact that they do not relate strictly to
historical or current facts. They use words such as ‘aim’,
‘ambition’, ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’,
‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of
similar meaning in connection with any discussion of future events
or performance. 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. In particular, Enstar may not be able to complete
the proposed transaction on the terms summarized above or other
acceptable terms, or at all, due to a number of factors, including
but not limited to the failure to obtain regulatory approvals or to
satisfy other closing conditions. 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
CommunicationsTelephone: +1 (441) 292-3645
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