Enstar Group Ltd. said Tuesday that one of its wholly owned subsidiaries has reached an agreement for a more than $3 billion loss portfolio transfer from Aspen Insurance Holdings Ltd. because of its 2022 and prior business.
Enstar will assume net loss reserves of $3.12 billion in the deal, which is susceptible to a restriction of $3.57 billion. A current deal between the parties that closed in June 2022, to which Enstar assumed $770 million of loss reserves, will be made available to this transaction, Hamilton, Bermuda-based Enstar said in a statement
Enstar's subsidiary will reinsure losses incurred on or prior to Dec. 31, 2022, in Aspen's portfolio of property, liability and specialty lines over the U.S., U.K. and other jurisdictions.
The transaction is anticipated to shut in the first 1 / 2 of this season, susceptible to regulatory approvals.
“The growth of our reinsurance of Aspen's legacy reserves is a great chance of us to experience a bigger role in building a portfolio we all know well,” Enstar CEO Dominic Silvester said within the statement.
Mark Cloutier, Aspen's executive chairman and group CEO, called the deal “a natural evolution of our previous reinsurance agreement” and said hello would help Aspen's capital position.
