Enstar
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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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On Monday, Watford’s directors said they had little choice but to consider the merits of the offer.
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The legacy carrier is the first to utilise a recently enacted framework in Oklahoma.
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Ron Bobman has reiterated his opposition to Watford Re’s management and fiercely criticised the deal.
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The would-be buyer presses for a non-disclosure agreement with the hedge fund reinsurer to allow due diligence to start.
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US CEO Paul Brockman will be promoted to group chief claims officer as part of the changes.
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Enstar, R&Q and Riverstone remain as the Willis-run process heads towards its conclusion.
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Less than a day after we predicted a bumpy ride for Arch’s potential takeover of Watford, Enstar made clear its potential to play spoiler.
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Watford is reportedly evaluating a bid from Arch amid heightened pressure from shareholders to pursue strategic alternatives.
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Susan Cross becomes an independent director and will serve on the company’s audit and risk committees.
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