Enstar Group completes loss portfolio transfer with SiriusPoint

Enstar Group Limited (ESGR) announced that one of its wholly-owned subsidiaries has closed a previously announced loss portfolio transfer transaction with a subsidiary of SiriusPoint Ltd. (SPNT) to reinsure a $400 million portfolio of Workers’ Compensation business covering underwriting years 2018 to 2023. Under the reinsurance agreement, SiriusPoint will cede net reserves of approximately $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. Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.