19 October 2020USA analysis

Enstar completes the first insurance business transfer seen in the US

Enstar Group has completed the first insurance business transfer (IBT) to occur in the US.

The transaction was between two Enstar subsidiaries: Providence Washington Insurance Company and Yosemite Insurance Company.

The Oklahoma Insurance Business Transfer Act, which came into effect on November 1, 2018, is designed with implied individual policyholder consent after a rigorous regulatory and judicial review process in which all affected stakeholders may participate. Enstar received judicial approval from the Oklahoma County District Court to execute the transfer.