Markel and Enstar's Cavello Bay sign $2.4bn adverse development cover for run-off portfolio

Markel Group's Markel Insurance has entered an adverse development cover reinsurance agreement with Enstar Group's subsidiary Cavello Bay Reinsurance Limited, covering its run-off global reinsurance portfolio and certain discontinued lines from underwriting years 2025 and prior. Enstar receives $2.4 billion to reinsure the last-to-pay $2.3 billion of reserves within a $4.8 billion portfolio, with Markel retaining the first $2.6 billion.

Detected & updated continuously · Source: Nebula