HAMILTON, Bermuda, March 01, 2019 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that it has signed an agreement with Maiden Holdings, Ltd. (“Maiden”) and Maiden Reinsurance Ltd., a subsidiary of Maiden (“Maiden Re”). Pursuant to the agreement, an Enstar subsidiary will enter into an adverse development cover reinsurance agreement with respect to Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services, Inc. (“AmTrust”) and its subsidiaries, for losses incurred on or prior to December 31, 2018 in excess of a $2.44 billion retention, as such figure may be adjusted based upon Maiden’s final year end reserves for the underlying business, up to a $675 million limit. The premium payable by Maiden Re will be $500 million. Effective immediately upon the signing of the agreement, the parties terminated and released each other from their respective obligations under their previously disclosed agreement related to the Maiden Re quota share agreements with AmTrust, entered into on November 9, 2018.
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