Enstar

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.

AmTrust has huge outstanding underwriting liabilities, and by forming a partnership with Enstar it has brought the industry’s best manager of claims and commutations to the table.

Enstar will join Stone Point, a major investor, in funding the $2.95bn take-private deal.

Executives say the American market for non-life transactions is worth $335bn.

This publication revealed that Evercore had been appointed to explore sale options in April this year.