AXIS Capital Holdings and Enstar Group have completed a loss portfolio transfer [LPT] transaction, covering reinsurance segment reserves predominantly attributable to casualty portfolios related to 2021 and prior underwriting years.
A spokesperson said, “The LPT reinsurance agreement covers reinsurance segment reserves totalling $3.1 billion at September 30, 2024, and is structured as a 75% ground-up quota share, with AXIS retroceding $2.3 billion of reinsurance segment reserves to Enstar.
“The LPT reinsurance agreement was provided by Enstar’s wholly owned subsidiary, Cavello Bay Reinsurance Limited, which has S&P and AM Best ‘A’ financial strength ratings.
“Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.”
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