Enstar Agrees Adverse Development Cover with Markel

Markel has entered an adverse development cover with Enstar's Cavello Bay Reinsurance covering its run-off global reinsurance portfolio and certain discontinued lines for underwriting years 2025 and prior. Markel pays $2.4 billion for the last-to-pay $2.3 billion of reserves within a $4.8 billion portfolio, retaining the first $2.6 billion, plus $1.2 billion of cover above subject reserves; the deal is expected to close by end of Q4 2026 pending regulatory approval.

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