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State National is providing $160mn of adverse development reinsurance coverage. -
Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.
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The liquidation will let the company sell its Accredited arm to Onex via an alternative transfer structure.
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The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.
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Of that total, $312.5mn was allocated to resolve the PFAS claims.
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The vehicle will give the legacy carrier a US platform.
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Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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Increasingly, deals are being brought to market but not transacted on.
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The market is shifting towards capital relief, with fewer, larger deals.
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The company reiterated its commitment to consummating the Accredited sale.
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Its PE owners have been exploring strategic options since May last year.
