Axis Capital, Enstar complete $2.3 billion reinsurance LPT
By Mia MacGregor
April 25 - (The Insurer) - Axis Capital and Enstar Group have completed their previously announced loss portfolio transfer reinsurance agreement, covering a portion of the Bermudian carrier's reinsurance segment business.
The deal, first announced in December 2024, is structured as a 75% ground-up quota share, with Axis retroceding $2.3 billion in reserves to Enstar. The transaction primarily relates to casualty business underwritten in 2021 and prior years, totalling $3.1 billion as of September 30.
The LPT reinsurance agreement was provided by Enstar’s wholly owned subsidiary Cavello Bay Reinsurance Limited, which holds an A financial strength rating from both S&P and AM Best.
The transaction closed following receipt of regulatory approvals and satisfaction of other closing conditions.
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