Enstar to Enter Loss Portfolio Transfer With RACQ
21 Febbraio 2023 - 10:15PM
Enstar Group Limited (NASDAQ: ESGR) announced today that one of its
wholly-owned subsidiaries has signed a Loss Portfolio Transfer
(“LPT”) agreement with RACQ Insurance Limited (“RACQ”) to reinsure
80% of RACQ’s motor vehicle Compulsory Third Party (“CTP”)
insurance liabilities, covering accident years 2021 and prior.
Under the reinsurance, which is effective as of
July 1, 2022, RACQ will cede net reserves of approximately AUD$360
million, and Enstar’s subsidiary will provide approximately AUD$200
million of cover in excess of the ceded reserves. The transaction
will complete upon receipt of regulatory approvals and satisfaction
of various other closing conditions.
Dominic Silvester, Enstar’s Chief Executive
Officer, said: “This transaction with RACQ, one of the largest auto
insurers in Queensland, is well aligned with our core competencies
and further demonstrates Enstar’s expertise in providing
reinsurance solutions for our partners. Australia is an important
jurisdiction and very much part of our focus as we look to deliver
long-term value to our clients worldwide.”
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, 2022 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
Grafico Azioni Enstar (NASDAQ:ESGR)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Enstar (NASDAQ:ESGR)
Storico
Da Giu 2023 a Giu 2024