Enstar Group through its wholly-owned subsidiary Cavello Bay Reinsurance has wrapped up the previously announced acquisition of Maiden Reinsurance North America for around $272.4m.
As per the terms of the deal, which was announced in August this year, Enstar assumed about $1.3bn of net loss and loss adjustment expense reserves and unearned premium reserves.
The acquired business will operate in run-off, according to Enstar.
The transaction included novation and retrocession agreements pursuant to which Cavello Bay Reinsurance assumed certain Maiden Reinsurance business in lieu of a ceding commission.
Domiciled in Missouri, Maiden Re North America operates as a diversified insurance company. It offers property and casualty treaty reinsurance, casualty facultative reinsurance and accident as well as health treaty reinsurance.
Bermuda-based Enstar Group has more than $15.1bn in assets and provides capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the US, the UK, Continental Europe, Australia, and other countries across the globe.