AXIS to retrocede $2.3bn in reinsurance segment reserves to Enstar [Yahoo! Finance]
Enstar Group Limited - Ordinary Shares (ESGR)
US:NASDAQ Investor Relations:
enstargroup.com/investor-relations
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Source: Yahoo! Finance
The agreement will see AXIS retrocede $2.3bn of reinsurance segment reserves to Enstar. Structured as a 75% ground-up quota share, the deal encompasses casualty portfolios from 2021 and earlier underwriting years, which total $3.1bn as of 30 September 2024. AXIS anticipates an approximate $60m benefit from the excess of reserves ceded over the consideration, recognisable over the coming years based on the payment patterns of these reserves. AXIS will retain claims control for the covered reserves, with Enstar having certain administrative rights. The LPT reinsurance agreement will be facilitated by Enstar subsidiary Cavello Bay Reinsurance, which boasts an 'A' financial strength rating from S&P. AXIS CEO and president Vince Tizzio said: “This transaction aligns our balance sheet with our previously stated underwriting strategy of leaning into our specialty insurance business. Furthermore, we continue to be focused on advancing the strategic priorities laid out at our Invest
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News
- Enstar Group Limited (NASDAQ: ESGR) is now covered by analysts at StockNews.com. They set a "hold" rating on the stock.MarketBeat
- Enstar Completes Previously Announced Transactions with James River [Yahoo! Finance]Yahoo! Finance
- Enstar Completes Previously Announced Transactions with James RiverGlobeNewswire
- Enstar Group Limited (NASDAQ: ESGR) is now covered by analysts at StockNews.com. They set a "hold" rating on the stock.MarketBeat
- AXIS Advances Transition to Specialty Underwriter, Announces Loss Portfolio Transfer Reinsurance Agreement With Enstar on Reinsurance Segment ReservesGlobeNewswire
ESGR
Sec Filings
- 1/3/25 - Form 4
- 12/20/24 - Form 4
- 12/19/24 - Form 4
- ESGR's page on the SEC website