Enstar has agreed to assume £417.1mn ($558mn) of net reinsurance reserves from Neon Underwriting Limited in a deal first revealed by The Insurance Insider earlier this week.
In common with their property cat colleagues, US casualty reinsurance underwriters are suffering a late 1 January renewal, with most deals still awaiting firm order terms as of early December.
Casualty reinsurers are talking about brokers and clients taking a more "realistic" approach to dynamics in a sector where margins have been squeezed to the point of being unsustainable on many quota share deals.
Florida's state-backed insurer is preparing for a challenging 2018 that will see ongoing profitability pressures from assignment of benefits (AOB)-driven non-weather losses and an increase in reinsurance costs.
Reading external budget documents is unlikely to be high on the to-do list for reinsurers and brokers entering the frenetic last couple of weeks of a 1.1 renewal season that has run late and proved challenging.
