Enstar subsidiary closes deal
Updated: Aug 29, 2024 01:34 PM
Enstar: wholly-owned subsidiary enters into adverse development cover agreement (File photograph)
Bermudian-based Enstar Group Ltd has completed the previously announced transaction between one of its wholly-owned subsidiaries with Insurance Australia Ltd, on behalf of Insurance Australia Group, following receipt of the relevant regulatory approvals and satisfaction of the final closing conditions.
Under the terms of the adverse development cover agreement, the company said, Enstar will provide approximately the equivalent of $442 million of excess cover over the equivalent of $1.7 billion of underlying reserves for certain long-tail insurance business.
The portfolio includes product & public liability, compulsory third-party motor, professional risks and workers’ compensation for losses incurred on or prior to June 30, 2023.
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Published August 29, 2024 at 1:34 pm (Updated August 29, 2024 at 1:34 pm)
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