Enstar to Enter $376 Million Loss Portfolio Transfer with QBE [Yahoo! Finance]
QBE INSURANCE GP S/ADR (QBIEY)
NASDAQ:AMEX Investor Relations:
group.qbe.com
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Source: Yahoo! Finance
has reached an agreement to provide a ground-up Loss Portfolio Transfer (“LPT”) with certain subsidiaries of QBE Insurance Group Limited (“QBE”). The transaction involves a diversified portfolio of US commercial liability and workers' compensation business, largely underwritten on recently discontinued programs. Enstar is familiar with the majority of the business and has existing exposure to the programs through a previous transaction with QBE in 2023. Under the terms of the agreement, Enstar's subsidiary will assume net loss reserves from QBE of $376 million, as of the effective date of July 1, 2024, and will provide approximately $175 million of cover in excess of the ceded reserves. The transaction is expected to complete in the fourth quarter of 2024 upon receipt of regulatory approvals and satisfaction of other customary closing conditions. Dominic Silvester, Enstar's Chief Executive Officer, said: “We are extremely pleased to build upon a valuable relationship with our lo
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