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Aspen transfers the loss portfolio to Enstar



Enstar Group Ltd. said on Tuesday that one of its wholly owned subsidiaries has reached an agreement on a loss portfolio transfer of more than $ 3 billion from Aspen Insurance Holdings Ltd. for its 2019 and previous operations.

Enstar will incur a net loss. reserves of $ 3.12 billion in the deal, which is subject to a limit of $ 3.57 billion. An existing deal between the parties concluded in June 2020, according to which Enstar took over $ 770 million in loss reserves, will be included in this transaction, said Hamilton, Bermuda-based Enstar in a statement

Enstar's subsidiaries will reinsure losses on or before December 31, 2019, in Aspen's portfolio of real estate, liability and specialty lines in the US, UK and other jurisdictions.

The transaction is expected to be completed during the first half of this year, is subject to regulatory approvals

"The expansion of our reinsurance of Aspen's old reserves is a great opportunity for us to play a greater role in the management of a portfolio that we know well," said Enstar's CEO Dominic Silvester in the statement.

Mark Cloutier, Aspen's President and CEO, called the deal "a natural development of our previous reinsurance agreement" and said it would help Aspen's capital position.


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