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Enstar completes Maiden Reinsurance North America acquisition

A wholly owned subsidiary of Enstar Group Ltd. has completed the acquisition of Maiden Reinsurance North America Inc. for net consideration of $272.4 million.

The net consideration figure represents the adjusted purchase price less the ceding commission. The transaction included novation and retrocession agreements under which Enstar subsidiary Cavello Bay Reinsurance Ltd. assumed certain Maiden Reinsurance Ltd. business in exchange for a ceding commission.

At closing, Enstar assumed roughly $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves.