Enstar
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He has held a seat on the company’s board since 2017.
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Hessing joined the company in September to replace David Atkins, who had been with Enstar since 2003.
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The deal including 2019 and prior-year business covers about $500mn of loss reserves.
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The agreement follows a share-swap deal between the two companies.
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An unnamed investment manager posited a Watford bid worth about $21/share around four months before Arch’s eventual $35-per-share takeover agreement. -
The reinsurance pact with Enstar’s Cavello Bay has an aggregate limit of $1bn.
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The US carrier has offloaded a tranche of liability business written out of London.
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Both StarStone and Atrium make underwriting profits after losses a year earlier.
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On Monday, Watford’s directors said they had little choice but to consider the merits of the offer.
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The legacy carrier is the first to utilise a recently enacted framework in Oklahoma.
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Ron Bobman has reiterated his opposition to Watford Re’s management and fiercely criticised the deal.
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The would-be buyer presses for a non-disclosure agreement with the hedge fund reinsurer to allow due diligence to start.
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