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Bermuda-based Enstar Group Ltd. on Friday agreed to buy and run off Maiden Reinsurance North America Inc., a Bermuda-based unit of Maiden Holdings Ltd.
The $307.5 million deal was announced two days after Transatlantic Holdings Inc. purchased the renewal rights to Maiden’s U.S. third-party treaty reinsurance book. Maiden, which is affiliated with New York-based AmTrust Financial Services Inc., also reinsures a significant portion of AmTrust’s book of business.
Enstar will assume about $1.3 billion of net loss and loss adjustment expense reserves and unearned premium upon closing the Maiden Re deal, Enstar said in a statement.
The transaction is expected to close in the fourth quarter.
Brit Insurance has acquired the renewal rights and underwriting platform of Maiden Holdings Ltd.’s excess and specialty unit, Brit announced Monday.