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HAMILTON, Bermuda, Nov. 09, 2022 (GLOBE NEWSWIRE) — Enstar Group Limited (NASDAQ: ESGR) introduced at present that one in every of its wholly-owned subsidiaries has closed its Loss Portfolio Transfer transaction with specialty insurance underwriter Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo”) to reinsure plenty of its direct U.S. casualty insurance portfolios referring to accident years 2011 to 2019.
Enstar’s subsidiary covers floor up reserves of $746 million and a further $275 million of canopy in extra of $821 million, as much as a coverage restrict of $1.1 billion. Argo will retain a loss hall of $75 million as much as $821 million.
Dominic Silvester, Enstar’s Chief Executive Officer, stated: “We are pleased to complete this accretive transaction and partner with Argo. We remain well-positioned with ample capacity and a robust pipeline to provide tailored, capital relief solutions to additional partners and deliver long-term value for our stakeholders.”
Completion of the transaction adopted receipt of regulatory approvals and satisfaction of varied different closing circumstances.
About Enstar
Enstar is a NASDAQ-listed main international insurance group that gives modern capital launch options by means of its community of group corporations in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and different worldwide areas. A market chief in finishing legacy acquisitions, Enstar has acquired over 110 corporations and portfolios since its formation in 2001. For additional details about Enstar, see www.enstargroup.com.
Cautionary Statement
This press launch accommodates sure forward-looking statements inside the which means of the Private Securities Litigation Reform Act of 1995. These statements embody statements relating to the intent, perception or present expectations of Enstar and its administration group. Investors are cautioned that any such forward-looking statements converse solely as of the date they’re made, aren’t ensures of future efficiency and contain dangers and uncertainties, and that precise outcomes might differ materially from these projected within the forward-looking statements because of varied components, together with these referring to the combination of run-off transactions. Important danger components relating to Enstar might be discovered underneath the heading “Risk Factors” in Enstar’s Form 10-Ok for the yr ended December 31, 2021 and are included herein by reference. Furthermore, Enstar undertakes no obligation to replace any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to mirror any change in its expectations with regard thereto or any change in occasions, circumstances, circumstances or assumptions underlying such statements, besides as required by legislation.
Contact: Enstar Communications
Telephone: +1 (441) 292-3645
