Adverse Development Cover (ADC) agreement between an Enster Group Limited subsidiary and RSA Insurance Group Limited is now complete.
First announced in July, ADC Transactions extends to specific UK, Irish and other businesses of the RSA and its affiliates. Regulatory approvals have been granted and conditions of closure have also been satisfied.
Under the agreement, ADC will cover more than 95 95.95.5 billion in the risk portfolio of diversified commercial and personal insurance lines on or before December 1 of last year.
Both camps participate equally on the cover, with Enster paying 50% and RSA holding the other half.
Commenting on the deal, Dominic Sylvester, CEO of Enster, said: “This transaction, our second largest contract with RSA, could play a role in facilitating well-planned, well-executed legacy solutions to facilitate M&A activity in the global insurance market.”