- Enstar Group ( NASDAQ: ESGR ) on Thursday said certain of its units have reached an agreement for a ground-up loss portfolio transfer (LPT) with certain subsidiaries of QBE Insurance.
- In the LPT transaction, which will be effective as of January 1, 2023, Enstar’s subsidiaries will assume net loss reserves from QBE of $1.9 billion and will provide about $900 million of cover in excess of the ceded reserves on business largely underwritten between 2010 and 2018.
- The transaction will complete upon receipt of regulatory approvals and satisfaction of various other closing conditions.
- Upon completion, a portion of the portfolio currently underwritten via QBE’s Lloyd’s syndicates 386 and 2999 will be transferred into Enstar syndicate 2008.
For further details see:
Enstar, QBE agree on $1.9B LPT transaction