Enstar closes deal with QBE
Bermudian-based insurer, Enstar Group Ltd, has announced the closing of a deal with QBE Insurance Group Limited to reinsure a portfolio of US commercial liability and workers’ compensation business.
In a statement, Enstar said that one of its wholly-owned subsidiaries has closed a previously announced ground-up loss portfolio transfer transaction with subsidiaries of QBE Insurance Group Limited to reinsure a portfolio of US commercial liability and workers’ compensation business, largely underwritten on recently discontinued programmes.
Under the reinsurance agreement, QBE ceded net reserves of approximately $376 million, and Enstar’s subsidiary provided approximately $175 million of cover in excess of the ceded reserves, the statement added.
Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.
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