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Allianz cuts U.S. risk in $1.1 billion transfer deal with Enstar

Enstar will assume net reinsurance reserves of about $1.1 billion and cover half of a book of business for Allianz.

By Oliver Suess, Bloomberg, Sonali Basak | Updated on February 17, 2016

(Bloomberg) — Allianz SE, Europe’s biggest insurer, struck a deal to limit risks in the U.S. by transferring policy obligations to reinsurer Enstar Group Ltd.

Enstar will assume net reinsurance reserves of about $1.1 billion and cover half of a book of business for Allianz, according to a statement Wednesday from the Bermuda-based company. The deal includes obligations on policies from workers’ compensation, construction defects, and asbestos that were issued under the Fireman’s Fund brand.

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