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Enstar and Maiden Agree to Loss Portfolio Transfer of Maiden Re’s AmTrust Quota Share

Enstar Group Ltd (ESGR)  More Company Research Source: GlobeNewswire
US:NASDAQ Investor Relations: enstargroup.com/investor-relations
PDF HAMILTON, Bermuda, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today that it has signed an agreement with Maiden Holdings, Ltd. (“Maiden”) and Maiden Reinsurance Ltd., a subsidiary of Maiden (“Maiden Re”). Pursuant to the agreement, an Enstar subsidiary would enter into a retrocession agreement to effect a loss portfolio transfer in which the Enstar subsidiary would assume loss reserves of approximately $2.675 billion associated with Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services, Inc. and its subsidiaries.  The retrocession will apply to losses arising and/or claims made on or prior to June 30, 2018, and loss reserves assumed will be subject to adjustment for paid losses since such date. The transaction is subject to regulatory approvals and other closing conditions. This represents Enstar’s second agreed transaction with Maiden, following the entrance into a definitive agreement in August 2018 to acqui [Read more]

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