Bermuda-based re/insurer and run-off specialist Enstar Group has entered into an adverse development cover reinsurance agreement with Aspen Insurance Holdings.
Under the transaction, Enstar's wholly owned subsidiary will reinsure losses incurred on or prior to December 31, 2019 on a diversified mix of property, liability and specialty lines across the US, UK 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.
The 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.