- Insurance company Enstar (NASDAQ:ESGR) on Wednesday said one of its units had closed its loss portfolio transfer deal with underwriter Argo Group International (NYSE:ARGO).
- The transaction was for ESGR to reinsure a number of ARGO's direct U.S. casualty insurance portfolios relating to accident years 2011 to 2019.
- Enstar's unit covers ground up reserves of $746M and an additional $275M of cover in excess of $821M, up to a policy limit of $1.1B, ESGR said in a statement.
- Argo will retain a loss corridor of $75M up to $821M, ESGR said.
- Enstar (ESGR) stock earlier closed -1.7% at $188.83, while shares of Argo (ARGO) ended +2.9% at $24.49.