Enstar Completes Previously Announced Transaction with IAG

HAMILTON, Bermuda, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ:ESGR) announced today that it has completed the previously announced transaction between one of its wholly owned subsidiaries with Insurance Australia Limited, on behalf of Insurance Australia Group ("IAG"), following receipt of the relevant regulatory approvals and satisfaction of the final closing conditions. Under the terms of the adverse development cover ("ADC") agreement, Enstar will provide approximately the equivalent of US$442 million (AU$650m) of excess cover over the equivalent of US$1.7 billion (AU$ 2.5bn) of underlying reserves for certain long-tail insurance business. The portfolio includes Product & Public Liability, Compulsory Third-Party Motor, Professional Risks and Workers' Compensation for losses incurred on or prior to June 30, 2023. About Enstar Enstar is a NASDAQ-listed leading global insurance ...