Aspen Forms Adverse Development Cover Agreement with Enstar
Aspen Insurance Holdings Ltd. announced that it has entered into anadverse development cover reinsurance agreement with a wholly owned subsidiary of Enstar Group Ltd.
In the transaction, Enstar’s subsidiary will reinsure losses incurred on or prior to Dec. 31, 2019 on a diversified mix of property, liability and specialty lines across the U.S., U.K and Europe for a premium of $770 million. Enstar will provide $770 million of cover in excess of a $3.805 billion retention, and an additional $250 million of cover in excess above $4.815 billion.
Completion of the transaction is subject to regulatory approvals and satisfaction of various other closing conditions. The transaction is expected to close in the first half of 2020.
Source: Aspen Insurance Holdings Ltd.
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