Legacy
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The reduction was due to impacts from investments and less favourable PYD. -
Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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The legacy carrier reported an operating loss of $45.3mn for the year.
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The business will still look at large non-life deals in particular in-the-money ADCs.
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Dickerson has spent over three years at the reinsurance broker.
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The second half of the year was significantly more active for the legacy market.
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The restructuring arrangement is designed to protect creditors.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
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The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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The three lines add up to 80% of the deal.
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The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
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