ENSTAR TO REINSURE ALLIANZ RE’S US RUN-OFF BUSINESS

Bermudian underwriting and run-off specialist Enstar Group has closed a deal under which it is reinsuring certain portfolios of Allianz Re’s run-off business in the US. Under the deal, Enstar is assuming reinsurance reserves of around $1.1bn by reinsuring 50% of certain workers’ compensation, construction defect, and asbestos, pollutions and toxic tort business that had initially been written by Fireman’s Fund Insurance. Over the past year, Allianz has absorbed the bulk of Fireman’s Fund’s ongoing commercial insurance business into Allianz Global Corporate & Specialty operation and sold its high-net-worth personal lines business to the former Ace Ltd (now the new Chubb).