Enstar
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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. -
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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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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