RiverStone
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The deal is structured as a reinsurance-to-close transaction for 2017 and prior years at Syndicate 1200. -
Enstar, R&Q and Riverstone remain as the Willis-run process heads towards its conclusion.
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The legacy bidder prevails over Enstar, Premia and start-up Marco.
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Start-up acquirer Marco, Enstar, Riverstone and Premia are still in the running for the assets.
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The deal will result in a $280mn gain for parent Fairfax.
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The deal covers around £150mn of reserves from the 2017 and prior years of account.
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The in-scope book relates to business written by former Mitsui Sumitomo Syndicate 3210.
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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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Regulator has put the capitalisation of Enstar and RiverStone UK EL deals in focus.
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