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20 April 2018

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Enstar strikes £957mn RSA legacy deal

Matthew Neill 8 February 2017

Bermudian carrier Enstar has beaten off competitors to strike a deal with RSA to reinsure a legacy UK employers' liability book with gross reserves of £957mn ($1.2bn).

Enstar, which faced competition in the PwC-run sale from Catalina and Armour, said it will assume the gross liabilities relating to 2005 and prior-year business.

The company will receive a reinsurance premium of £799mn on net insurance reserves of about £834mn.

The transaction still needs to be finalised, with certain security arrangements put...

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