Enstar Agrees ADC Agreement with James River
HAMILTON, Bermuda, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today that one of its wholly-owned subsidiaries has entered into an adverse development cover (“ADC”) reinsurance agreement with certain subsidiaries of James River Group Holdings, Ltd. (“James River”).
Under the terms of the agreement, Enstar’s subsidiary will provide $75 million of limit in excess of the existing $160 million ADC reinsurance coverage provided to such subsidiaries of James River by State National Insurance Company, Inc. earlier this year. The transaction will provide further protection against future adverse reserve development for certain U.S. casualty exposures within James River’s Excess & Surplus (“E&S”) Lines segment for accident years 2010 to 2023. Enstar’s subsidiary will also make a $12.5 million investment in James River common stock.
Completion of the transaction is subject to regulatory approval and satisfaction of other customary closing conditions.
David Ni, Enstar Chief Strategy Officer, said: “We are pleased to work with James River on a bespoke solution that further de-risks their balance sheet and provides equity capital to take advantage of the robust E&S market.”
About Enstar
Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see
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