Enstar Group Limited announced today that one of its wholly-owned subsidiaries has signed an agreement with a subsidiary of Zurich Insurance Group to reinsure a number of U.S. asbestos and environmental liability insurance portfolios.
Enstar’s subsidiary will assume gross insurance reserves of approximately $0.5 billion, relating to 1986 and prior year business. The closing of the transaction is subject to regulatory approval and other closing conditions.
About Enstar
Enstar is a multi-faceted insurance group, with over $16 billion in assets, that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar is a market leader in completing legacy acquisitions, having acquired over 90 companies and portfolios since its formation in 2001. Enstar’s active underwriting businesses include the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. For further information about Enstar, see www.enstargroup.com.