Enstar subsidiary reaches $400M reinsurance pact with SiriusPoint subsidiary

Enstar Group (ESGR) has announced that one of its wholly-owned subsidiaries has reached an agreement for a loss portfolio transfer with a subsidiary of SiriusPoint (SPNT) to reinsure a $400M 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 $400M, and Enstar’s subsidiary will provide approximately $200M of cover in excess of the ceded reserves, with claims management transferring to Enstar. The transaction, in which Guy Carpenter acted as the broker, will close upon receipt of regulatory approvals and satisfaction of other customary closing conditions.