ENSTAR TO REINSURE $465M OF LYFT’S LEGACY RESERVES

Bermudian underwriter and run-off specialist Enstar Group, through an unidentified US unit, has entered into a novation agreement with affiliates of the Lyft rideshare group and underwriting units of Zurich North America. For total consideration of $465m, Enstar will reinsure legacy motor insurance business underwritten by Zurich from October 2015 through September 2018 and reinsured by Lyft’s Pacific Valley Insurance captive. Separately, Pacific Valley will provide Enstar with retrocessional cover in excess of a $816m limit.