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Enstar enters $465M reinsurance deal for Lyft legacy reserves

An Enstar Group Ltd. subsidiary signed a novation agreement with Lyft Inc.'s affiliates and certain underwriting companies of Zurich North America.

Enstar will reinsure legacy automobile business underwritten by Zurich between Oct. 1, 2015, and Sept. 30, 2018, and reinsured by Lyft's Pacific Valley Insurance Co. subsidiary for $465 million.

Separately, Pacific Valley agreed to provide retrocession coverage to Enstar in excess of an $816 million limit.

The transaction is expected to close in early April, subject to several closing conditions.