Axis Capital Holdings Ltd and Enstar Group Ltd have completed a loss portfolio transfer transaction, covering reinsurance segment reserves predominantly attributable to casualty portfolios related to 2021 and prior underwriting years.

The LPT reinsurance agreement covers reinsurance segment reserves totalling $3.1 billion at September 30, 2024, and is structured as a 75 per cent ground-up quota share, with Axis retroceding $2.3 billion of reinsurance segment reserves to Enstar.

The LPT reinsurance agreement was provided by Enstar’s wholly owned subsidiary, Cavello Bay Reinsurance Ltd, which has S&P and AM Best 'A' financial strength ratings.

Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.