mMulti-faceted insurance firm Enstar Group has signed an agreement with Maiden Holdings (Maiden) and Maiden Reinsurance, a subsidiary of Maiden (Maiden Re).
Pursuant to the agreement, an Enstar subsidiary would enter into a retrocession agreement to effect a loss portfolio transfer in which the Enstar subsidiary would assume loss reserves of approximately $2.675 billion associated with Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services, Inc. and its subsidiaries.
The retrocession will apply to losses arising and/or claims made on or prior to 30 June, this year, and loss reserves assumed will be subject to adjustment for paid losses since such date. The transaction is subject to regulatory approvals and other closing conditions.
This represents Enstar’s second agreed transaction with Maiden, following the entrance into a definitive agreement in August 2018 to acquire Maiden Reinsurance North America. That transaction remains subject to regulatory approvals and closing conditions and is expected to be completed in the fourth quarter of this year.
Source: Company Press Release