Enstar inks Aussie auto loss portfolio deal, picks up A$360m reserves

Bermuda-based re/insurance legacy specialist  Enstar signed a loss portfolio transfer deal with Australian insurer RACQ to reinsure 80% of RACQ’s motor vehicle compulsory third party liability covers from accident years 2021 and prior.

Under the reinsurance, slated to become effective as of July 1, 2022, RACQ will cede net reserves of approximately AUD$360 million, and an Enstar unit will provide approximately AUD$200 million of cover in excess of the ceded reserves.

Enstar CEO, Dominic Silvester (pictured) said: “This transaction with RACQ, one of the largest auto insurers in Queensland, is well aligned with our core competencies and further demonstrates Enstar’s expertise in providing reinsurance solutions for our partners. Australia is an important jurisdiction and very much part of our focus as we look to deliver long-term value to our clients worldwide.”

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