Bermudian-based global insurance outfit Enstar Group Ltd has announced that one of its wholly-owned subsidiaries has completed a transaction with Continental Casualty Company to reinsure a legacy portfolio of excess workers’ compensation business.

In the transaction, CNA ceded net insurance reserves to an Enstar subsidiary of approximately $690 million not inclusive of any roll forward adjustments, relating to 2007 and prior year business, the company said.

Enstar said completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.

Founded in Bermuda in 1993, Enstar now has more than 1,000 employees in 20 offices worldwide.

The company is publicly traded on the Nasdaq stock market.