Enstar Group (ESGR) Acquires Bermuda Reinsurer
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Enstar Acquires Bermuda Reinsurer in its Second Property ILS Transaction
November 5, 2024 4:16 PM ESTHAMILTON, Bermuda, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq: ESGR) today announced that its wholly-owned subsidiary, Cavello Bay Reinsurance Limited (Cavello Bay), has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company (the Reinsurer).
The Reinsurer underwrote property reinsurance business between 2020 and 2023 on behalf of third-party investors, assuming the risk through retrocession agreements with a fronting carrier. The Reinsurer had $66 million of shareholders equity at the end of July 2024.
The Reinsurer will be merged into Cavello Bay and a consolidated and amended retrocession agreement between the fronting carrier and Cavello Bay will... More
