Enstar
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The legacy specialist advises shareholders to approve the “best practice” board change at the AGM in June. -
The legacy company chief will also receive a $20,000 monthly housing allowance as he relocates to Bermuda from the UK.
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The two-layer arrangement includes a 10% retention and involves a premium of just under $1.4bn.
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A previous $120mn deal to sell the life business was blocked by the New York Department of Financial Services.
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He has held a seat on the company’s board since 2017.
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Hessing joined the company in September to replace David Atkins, who had been with Enstar since 2003.
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The deal including 2019 and prior-year business covers about $500mn of loss reserves.
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The agreement follows a share-swap deal between the two companies.
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An unnamed investment manager posited a Watford bid worth about $21/share around four months before Arch’s eventual $35-per-share takeover agreement.
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The reinsurance pact with Enstar’s Cavello Bay has an aggregate limit of $1bn.
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The US carrier has offloaded a tranche of liability business written out of London.
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Both StarStone and Atrium make underwriting profits after losses a year earlier.
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