Enstar Agrees Adverse Development Cover Transaction with Insurance Australia Limited ("IAG")

Under the terms of the agreement Enstar will provide approximately the equivalent of US$430 million (AU$650m) of excess cover over the equivalent of US$1.7 billion (AU$ 2.5bn) of underlying reserves related to certain long-tail insurance business. This transaction includes Product & Public Liability, Compulsory ThirdParty Motor, Professional Risks and Workers' Compensation for losses incurred on or prior to June 30, 2023. Dominic Silvester, Enstar's Chief Executive Officer, commented: "We are pleased to pro ...