Greenlight Capital Re Ltd. posted its fourth-straight quarterly loss, capping the reinsurers worst year since its 2007 initial public offering.

Enstar will assume net reinsurance reserves of about $1.1 billion and cover half of a book of business for Allianz.

Insurance giant's chief strategy officer joined the company in 1997 under Hank Greenberg.

Fourth-quarter results were hurt by higher-than-expected claims costs on casualty coverage and deteriorating results from hedge funds.

AIG, the insurer being pressured by billionaire investor Carl Icahn to split up, agreed to nominate one of the activists allies to the board of directors along with hedge fund manager John Paulson.

Lower fuel prices have put more people on the road, spurring more claims to Allstate and a deteriorating underlying combined ratio a measure of the insurers profitability.

Carl Icahn, the activist investor calling for a breakup of AIG, said the alternative plan presented last week by the insurers CEO was inadequate and that hes assembling a slate of directors to shake up the company.

AIGs Sid Sankaran, who has been designated to be the insurers next CFO, said that activist investor Carl Icahns proposal to break up the company would punish investors by jeopardizing tax assets and pressuring capital measures.