Enstar Announces Adverse Development Cover Agreement with AIG
September 05 2023 - 6:30AM
Enstar Group Limited (NASDAQ: ESGR) announced today that one of its
wholly-owned subsidiaries has signed an agreement with American
International Group, Inc. (“AIG”) to provide AIG with protection
against adverse development on the portion of Validus Re’s loss
reserves that AIG retains exposure to following the closing of
AIG’s sale of Validus Re to RenaissanceRe.
Per the agreement, Enstar will provide $400
million of adverse development cover in excess of carried loss
reserves on assumed reinsurance contracts underwritten by Validus
Re.
The adverse development cover is expected to
become effective at the time of closing of AIG’s sale of Validus Re
to RenaissanceRe.
Dominic Silvester, Enstar’s Chief Executive
Officer, said: “Our agreement today with AIG is a further testament
to our expertise in executing bespoke solutions that help deliver
our partner’s strategic objectives. This transaction demonstrates
the continued versatility of legacy risk solutions as a source of
value creation, and our continued commitment toward sourcing and
executing top-quality transactions.”
About Enstar
Enstar is a NASDAQ-listed leading global
(re)insurance group that offers capital release solutions through
its network of group companies in Bermuda, the United States, the
United Kingdom, Continental Europe and Australia. A market leader
in completing legacy acquisitions, Enstar has acquired over 115
companies and portfolios since its formation. For further
information about Enstar, see www.enstargroup.com.
Cautionary Statement
This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include
statements regarding the intent, belief or current expectations of
Enstar and its management team. Investors can identify these
statements by the fact that they do not relate strictly to
historical or current facts. They use words such as ‘aim’,
‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’,
‘plan’, ‘believe’, ‘target’ and other words and terms of similar
meaning in connection with any discussion of future events or
performance. Investors are cautioned that any such forward-looking
statements speak only as of the date they are made, are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements as a result of
various factors. Important risk factors regarding Enstar can be
found under the heading "Risk Factors" in our Form 10-K for the
year ended December 31, 2022 and are incorporated herein by
reference. Furthermore, Enstar undertakes no obligation to update
any written or oral forward-looking statements or publicly announce
any updates or revisions to any of the forward-looking statements
contained herein, to reflect any change in its expectations with
regard thereto or any change in events, conditions, circumstances
or assumptions underlying such statements, except as required by
law.
Contact:
Group Communications |
Telephone:
+1 (441) 292-3645 |
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