Enstar announces loss portfolio transfer with Argo

Written by Michael Griffiths

10/11/2022

Enstar has announced that one of its wholly-owned subsidiaries has closed its loss portfolio transfer transaction with specialty insurance underwriter, Argo Group.

The move by Enstar seeks to reinsure a number of its direct US casualty insurance portfolios relating to accident years 2011 to 2019.

Enstar’s subsidiary covers ground up reserves of $746m and an additional $275m of cover in excess of $821m, up to a policy limit of $1.1bn. Argo will retain a loss corridor of $75m up to $821m.

Offering capital release solutions through its network of group companies in Bermuda, the US, the UK, Continental Europe, Australia, and other international locations, Enstar has now acquired over 110 companies and portfolios since its formation in 2001.

Enstar CEO, Dominic Silvester, commented: “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.

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