Insurance Australia Group (IAG) has struck an adverse development cover agreement with legacy heavyweight Enstar.
As part of the deal, the Bermudian will provide roughly $430mn (A$650mn) of excess cover over the equivalent of $1.7bn
Australia’s IAG enters ADC deal with Enstar for long-tail liabilities
Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.