Enstar Closes Previously Announced Transaction With AIG

Rhea-AI Summary

Enstar Group Limited (NASDAQ: ESGR) has closed a transaction with American International Group, Inc. (AIG) to provide protection for AIG's retained exposure to adverse development on Validus Re's loss reserves. The cover became effective on November 1, 2023, after regulatory approvals and closing conditions were satisfied.

HAMILTON, Bermuda, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has closed the previously announced transaction with American International Group, Inc. (“AIG”) to provide protection to AIG on its retained exposure to adverse development on Validus Re’s loss reserves.

The cover became effective as of the closing of AIG’s sale of Validus Re to RenaissanceRe on November 1, 2023, when all regulatory approvals were obtained and all closing conditions were satisfied.

About Enstar

Enstar is a NASDAQ-listed leading global (re)insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe and Australia. A market leader in completing legacy acquisitions, Enstar has acquired over 115 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com.

Contact: Group Communications

Telephone: +1 (441) 292-3645

FAQ

What is the transaction between Enstar Group Limited and American International Group, Inc. (AIG)?

Enstar Group Limited has closed a transaction with AIG to provide protection for AIG's retained exposure to adverse development on Validus Re's loss reserves.

When did the cover become effective?

The cover became effective on November 1, 2023.

What were the conditions for the cover to become effective?

The cover became effective after regulatory approvals were obtained and all closing conditions were satisfied.