Enstar
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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. -
The carrier is exploring a deal for around £500mn of reserves, with Enstar considered favourite for this as well as the smaller Doré book.
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The London market pair are negotiating with Abu Dhabi royals about a joint venture.
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The transaction liability entry follows the carrier’s construction market expansion.
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The second legacy transaction for the AmTrust quota share book is still pending approval.
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The formation of the $470mn P&C and life reinsurer was announced last week.
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Bermuda-based Enhanzed Re will assume both non-life and life risk.
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Enstar has completed its previously announced $200m investment in AmTrust.
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The offering of preferred shares will be underwritten by Wells Fargo, Morgan Stanley and JP Morgan
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AM Best finally removed Maiden’s “A-” rating, and said it expects lower premiums from AmTrust in future
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