Allianz transfers run-off policy obligations to EnstarReprints
Allianz S.E. has entered into an agreement to cut its risks in the United States by transferring policy obligations to Bermudan run-off specialist Enstar Group Ltd., reported Bloomberg.
Enstar said that it will assume net reinsurance reserves of around $1.1 billion and cover 50% of a book of business for Allianz. The deal includes obligations on policies from construction defects, workers' compensation and asbestos that were issued under the Fireman's Fund brand. Enstar will also provide consulting services on the entire $2.2 billion portfolio, including the share retained by Allianz.