Enstar
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Investment income increases, while the group’s non-life run-off operations and Lloyd’s business Atrium post an improved performance.
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The completion of the agreement follows a prior extension of the deal deadline. -
The deal was expected to close by the end of June.
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Myron Hendry move recently served as EVP and chief platform officer for XL Catlin, now Axa XL.
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Global specialty insurer StarStone reported $51mn of adverse development
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The global insurer launched a process last year to dispose of the runoff portfolios.
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The legacy carrier and ART Bermuda will each assume a 50 percent quota share of construction defect losses incurred by Amerisure.
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StarStone generates a loss to its majority owner of $159mn after its management team is restructured.
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The agreement replaces a previous arrangement relating to Maiden Re reserves.
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Enstar assumes reinsurance reserves of £650mn through the transactions.
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The Enstar unit will continue to provide capacity to the MGA and transfer renewal rights to an airlines and products book to the buyer.
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The insurer’s new £500mn legacy sell-off brings into focus the £55bn reserve pot on Lime Street.
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