AXIS completes $2.3B loss portfolio transfer with Enstar covering prior-year casualty reserves

AXIS CAPITAL HOLDINGS LTD

Transaction covers $3.1B of reinsurance segment reserves as of Sept 30, 2024, with AXIS retroceding $2.3B to Enstar.
Structured as a 75% ground-up quota share; reserves predominantly for casualty portfolios from 2021 and prior years.
Enstar subsidiary Cavello Bay Reinsurance Limited, rated 'A' by S&P and AM Best, provides the reinsurance.
Completion follows receipt of regulatory approvals and satisfaction of closing conditions.

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