SiriusPoint strikes $400m loss portfolio transfer deal with Enstar
Bermuda-based specialty re/insurer SiriusPoint has entered into a $400 million loss portfolio transfer on workers’ compensation reserves with Enstar.
The transfer aims to reinsure a $400 million portfolio of workers’ compensation business covering underwriting years 2018 to 2023.
Under the reinsurance agreement, which will be entered into at closing, SiriusPoint will cede net reserves of approximately $400 million, and a wholly-owned subsidiary of Enstar will provide approximately $200 million of cover in excess of the ceded reserves, with claims management transferring to Enstar.
Guy Carpenter acted as the broker for the transaction, which is expected to close upon receipt of regulatory approvals and other closing conditions.
Dominic Silvester, Enstar’s chief executive officer, said: “Our partnership with SiriusPoint aligns with our expertise and track record of outperformance in US Workers’ Compensation and demonstrates our capabilities to structure and execute sophisticated risk solutions. For SiriusPoint, this bespoke transaction will help to support its long-term strategic, economic and operational goals.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
