Enstar
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The carrier reported book value per share up 8.3% over the first half of the year. -
The reinsurance contract indemnifies Intact against losses in excess of a £2.6bn retention on losses occurring before the end of 2020.
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The repurchase deal will see the 16.9% interest held by the Chinese firm bought back, boosting the firm's book value per share.
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The transfer, which includes most of the Hiscox USA surplus lines broker business, secures coverage of Hiscox reserves valued at $520mn.
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The result reflected a significant improvement on the prior-year quarter, when the investment book was hit by the pandemic.
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The legacy specialist advises shareholders to approve the “best practice” board change at the AGM in June.
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The legacy company chief will also receive a $20,000 monthly housing allowance as he relocates to Bermuda from the UK.
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The legacy carrier and Stone Point are to invest a combined $45mn in Richard Watson’s start-up.
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The carrier has posted strong profits over three consecutive quarters after Covid-19 hit the investment book in Q1.
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The two-layer arrangement includes a 10% retention and involves a premium of just under $1.4bn.
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The buyer will use the acquisition to expand Arena beyond Belgium and into other European markets.
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He has held a seat on the company’s board since 2017.
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