Enstar

The spike occurred after this publication reported Maiden’s board had retained Bank of America Merrill Lynch to run a formal sales process for the company.

The executive replaces Demian Smith, who recently left the Enstar- and Stone Point-owned specialty insurer.

The duo will continue as owners of their active underwriter businesses.

The run-off book is said to hold around $500mn in reserves.

The two parties are understood to be nearing an agreement on the sale of £1.6bn of Zurich’s legacy UK employers’ liability exposures.

With the recent push from Lloyd’s to remediate the market’s ailing profitability, it’s widely expected that the legacy market will see greater reinsurance-to-close (RITC) deal flow in the months to come.

Maiden shares drop again after tumbling earlier in the week following M&A details.

The $25mn cover will attach once Enstar has absorbed $100mn of adverse claims development on the $1.3bn run-off book it agreed to acquire last week.

Assets have failed to attract the reserve prices set by Enstar and Stone Point amid a challenged operating environment for the live businesses.

The Insider 50 contracted marginally last week as most companies in the index stagnated

The deal will also see $1.3bn of legacy reinsurance liabilities sold to the run-off acquirer.

The quarterly results reveal an underwriting deterioration at Atrium and StarStone.