AXIS Capital enters $2.3B loss portfolio transfer with Enstar on reinsurance reserves

AXIS CAPITAL HOLDINGS LTD

Cedes 75% of $3.1B reinsurance segment reserves ($2.3B) to Enstar subsidiary Cavello Bay Reinsurance Limited.
Expects ~$60M benefit over several years from excess of reserves ceded over consideration.
Covers casualty portfolios from 2021 and prior underwriting years; AXIS retains claims control.
Closing expected in H1 2025, subject to regulatory approvals and customary conditions.
Stone Point (owns ~8% AXS) also holds Enstar shares; AXIS director Charles Davis is Co-CEO of Stone Point.

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