Legacy re/insurer Enstar Group has signed an adverse development cover agreement over the equivalent of US$1.7 billion of reserves with a leading Australian insurer.Â
Bermuda-based Enstar said it will provide the equivalent of US$430 million of excess cover through a subsidiary to long-tail insurance business issued by Insurance Australia Group (IAG). The cover includes product & public liability, compulsory third-party motor, professional risks and workers’ compensation for losses incurred on or prior to June 30, 2023.
