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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The existing $770mn adverse development cover between the two parties has been absorbed as part of the deal.
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The legacy specialist has faced a downturn in profits following a bumper run of results through 2020 and 2021.
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As part of the recent LPT deal, the Cinven-backed legacy firm also acquired the team from SiriusPoint’s run-off division as part of its push into the US.
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Inside P&C’s news team runs you through the key developments from the last week.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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The legacy acquirer announced last week the purchase of a Texas entity to use as its US-based carrier for legacy deals.
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The transaction marks the legacy carrier’s first acquisition in Continental Europe.
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Legacy acquirer Darag has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off.
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The insurer said its plan was to fully transition the book to the fund.
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Brid Reynolds will be responsible for the oversight and development of risk functions globally.
