ESGR - Enstar Announces Adverse Development Cover Agreement with AIG | Benzinga
HAMILTON, Bermuda, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ:ESGR) announced today that one of its wholly-owned subsidiaries has signed an agreement with American International Group, Inc. ("AIG") to provide AIG with protection against adverse development on the portion of Validus Re's loss reserves that AIG retains exposure to following the closing of AIG's sale of Validus Re to RenaissanceRe.
Per the agreement, Enstar will provide $400 million of adverse development cover in excess of carried loss reserves on assumed reinsurance contracts underwritten by Validus Re.
The adverse development cover is expected to become effective at the time of closing of AIG's sale of Validus Re to RenaissanceRe.
Dominic Silvester, Enstar's Chief Executive Officer, said: "Our agreement today with AIG is a further testament to our expertise in executing bespoke solutions that help deliver our partner's ...