HAMILTON, Bermuda, May 03, 2021 (GLOBE NEWSWIRE) — Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has completed a transaction with AXA XL, a division of AXA, to provide adverse development cover.
In the transaction, Enstar’s subsidiary assumed reinsurance losses incurred on or prior to December 31, 2019 on a diversified mix of global casualty and professional lines for a premium equal to the transfer of loss reserves of 90% of $1.550 billion (or $1.395 billion).
Enstar’s subsidiary is providing 90% protection (with AXA XL retaining 10%) on two layers, the first providing $1.550 billion of cover in excess of a $9.438 billion retention and the second providing an additional $1.0 billion of cover in excess above $11.363 billion.
Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.
