Enstar agrees $376m ground-up LPT with QBE

One of global insurer Enstar Group Limited’s wholly-owned subsidiaries has agreed to provide a ground-up Loss Portfolio Transfer (LPT) with certain subsidiaries of QBE Insurance Group Limited (QBE), covering a diversified portfolio of US commercial liability and workers’ compensation business, largely underwritten on recently discontinued programs.

Under the terms of the agreement, Enstar’s subsidiary will assume net loss reserves from QBE of $376 million, effective July 1st, 2024.

Additionally, Enstar will provide approximately $175 million of cover in excess of the ceded reserves.

The transaction is expected to be completed in Q4 2024 upon receipt of regulatory approvals and satisfaction of other customary closing conditions.

Enstar is already familiar with the majority of the business and has existing exposure to the programs through a previous transaction with QBE in 2023.

Dominic Silvester, Chief Executive Officer, Enstar, said: “We are extremely pleased to build upon a valuable relationship with our long-standing partner, QBE.

“This transaction demonstrates our commitment to developing deep partnerships with global, leading insurers, and enables us to apply our best-in-class claims handling capabilities in the US to a portfolio where we hold significant expertise and experience.”

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