Enstar
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end. -
News of the review follows last week’s deal to sell the US business to former Validus chief Noonan.
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The legacy transaction will cover loss development at the carrier's operations, including its E&S business.
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Enstar will remain a minority investor, with PE capital also drawn from Dragoneer and SkyKnight.
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The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
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The results were impacted by an unrealised investment loss of $612.6mn.
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The carrier has agreed to reinsure legacy business underwritten by Zurich from 1 October 2015 to 30 September 2018.
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The Bermuda company says its ADC deal with Enstar is bearing fruit.
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Aspen is the latest to pass the risk of unfavourable reserve development on to reinsurers.
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Losses at StarStone narrowed as the carrier cut premiums while Atrium profits were up 90 percent.
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The move is the latest in a string of deals with companies including BorgWarner, Zurich and Munich Re.
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The legacy insurer said that its investment reflects a belief that the business is “considerably undervalued”.
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