ENSTAR COMPLETES ACQUISITION OF MAIDEN RE NORTH AMERICA

Bermudian underwriter and run-off specialist Enstar Group has completed the $272.4m acquisition of Maiden Reinsurance North America from a unit of Bermudian reinsurer Maiden Holdings. The deal included novation and retrocessional agreements under which Enstar’s Cavello Bay Reinsurance unit assumed certain Maiden Reinsurance Ltd business in exchange for a ceding commission. At closing, Enstar assumed around $1.3bn of net loss and loss adjustment expense reserves and unearned premium reserves. Missouri-based Maiden Re North America provides property/casualty treaty reinsurance, casualty facultative reinsurance and accident/health treaty reinsurance.