- Insurance company Hiscox said it had completed a loss portfolio transfer agreement with Enstar.

Under the agreement, Enstar's Syndicate 2008 will assume historical liabilities for selected lines of Hiscox Syndicate 3624, including the majority of Hiscox USA's surplus lines broker business.

Hiscox would secure coverage for potential adverse development in respect of reserves valued at approximately $520 million at 31st December 2020 relating to 2019 and prior-year business.

'The transaction is capital accretive to Hiscox adding an estimated 10 points to the group's Bermuda Solvency Capital Ratio and will result in a P&L charge of $26 million in H1 2021,' the company said.

At 8:58am: [LON:HSX] Hiscox LTD share price was 0p at 1042p

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