Sidley Represents Markel Insurance in Adverse Development Cover Reinsurance Agreement With Enstar

Sidley represented Markel Insurance, the insurance operations within Markel Group Inc. (NYSE: MKL), in an adverse development cover (ADC) reinsurance agreement with Enstar covering a portfolio of Markel’s run-off global reinsurance business and certain exited insurance lines.

The agreement covers approximately US$4.8 billion in reserves and provides Markel with US$1.2 billion in adverse loss development protection above the subject reserves. The transaction supports Markel’s strategic focus on its core specialty insurance business and is expected to close in the fourth quarter of 2026, subject to regulatory approval and customary closing conditions.

The Sidley team was led by Michael Pinsel (Insurance), and included John White, Cole Hunter, Claire Ramsey, Jacob Grossman, James Phythian-Adams, Carl Hotton, and Julie Rodriguez (Insurance).