StarStone Underwriting Ltd., the Lloyd's managing agency of Enstar Group Ltd., has agreed to undertake a reinsurance-to-close transaction with Neon Underwriting Ltd.
Enstar's Syndicate 2008 will take on the liabilities of the 2015 underwriting year from Neon's Syndicate 2468, which comprised underwriting years ranging from 2008 to 2015.
As a result, Enstar expects to assume net reinsurance reserves of £417.1 million, or about $558 million, relating to the portfolio and gross reserves of about £504.2 million, or roughly $674.5 million. The still-pending transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2018, the company said.
