Press Release
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Date: | April 24, 2025 |
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For Release: | Immediate |
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AXIS COMPLETES PREVIOUSLY ANNOUNCED TRANSACTION WITH ENSTAR
PEMBROKE, Bermuda, April 24, 2025 (BUSINESS WIRE) – AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS” or the “Company”) (NYSE: AXS) and Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today that they have completed a loss portfolio transfer (“LPT”) transaction, covering reinsurance segment reserves predominantly attributable to casualty portfolios related to 2021 and prior underwriting years.
The LPT reinsurance agreement covers reinsurance segment reserves totalling $3.1 billion at September 30, 2024, and is structured as a 75% ground-up quota share, with AXIS retroceding $2.3 billion of reinsurance segment reserves to Enstar.
The LPT reinsurance agreement was provided by Enstar’s wholly owned subsidiary, Cavello Bay Reinsurance Limited, which has S&P and AM Best 'A' financial strength ratings.
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Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions. |
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.1 billion at September 30, 2024, and locations in Bermuda, the United States, Europe, Singapore, and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
About Enstar
Enstar is a NASDAQ-listed global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Australia, Lichtenstein and Belgium. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.
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| AXIS Contacts: | Enstar Contacts: |
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| For Investors: | For Investors: |
| Cliff Gallant | Matthew Kirk |
| +1 (415) 262-6843 | +1 (201) 743-7734 |
investorrelations@axiscapital.com | investor.relations@enstargroup.com |
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| For Media: | For Media: |
| Nichola Liboro | Jenna Kerr |
| +1 (917) 705-4579 | +44 (0) 771-4487-187 |
nichola.liboro@axiscapital.com | communications@enstargroup.com |
