ENSTAR COMPLETES ADVERSE DEVELOPMENT REINSURANCE DEAL WITH ASPEN

Bermudian underwriting and runoff specialist Enstar Group has completed an adverse development cover reinsurance agreement with Bermudian re/insurer Aspen Insurance Holdings under which an Enstar unit will reinsure pre-2020 losses Aspen incurred on a diversified mix of property, liability and specialty business in the US, the UK and Europe. Aspen has paid a premium of $770m. In turn, Enstar will provide $770m in cover above a $3.8bn retention and another $250m in cover in excess of a $4.8bn retention.