Enstar and SiriusPoint agree $400m LPT

A wholly owned subsidiary of legacy specialist Enstar Group has agreed a $400 million loss portfolio transfer (LPT) with a subsidiary of Bermuda-based re/insurer SiriusPoint to reinsure a portfolio of Workers’ Compensation business covering underwriting years 2018 to 2023.

Under the agreement, SiriusPoint will cede net reserves of roughly $400 million, and Enstar’s subsidiary will provide approximately $200 million of cover in excess of the ceded reserves, with claims management transferring to Enstar.

The agreement will be entered into at closing, with the transaction set to close upon the receipt of regulatory approvals and satisfaction of other customary closing conditions.

“Our partnership with SiriusPoint aligns with our expertise and track record of outperformance in US Workers’ Compensation and demonstrates our capabilities to structure and execute sophisticated risk solutions,” said Dominic Silvester, Enstar’s Chief Executive Officer.

“For SiriusPoint, this bespoke transaction will help to support its long-term strategic, economic and operational goals,” he added.

Guy Carpenter, the reinsurance broking arm of Marsh McLennan, acted as the broker for this transaction.

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