Enstar Group Limited subsidiaries have closed a Loss Portfolio Transfer transaction with certain subsidiaries of QBE Insurance Group Limited on a diversified portfolio of business, covering International and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programmes.

Enstar’s subsidiaries assumed net loss reserves from QBE of $1.9 billion and will provide approximately $900 million of cover in excess of the ceded reserves on business largely underwritten between 2010 and 2018. The amount of net loss reserves assumed, as well as the settlement and limit amounts provided in the master agreement, will be adjusted for claims paid between January 1, 2023 and the closing date of the transaction, pursuant to the terms of the contract.

Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.