Bermudian-based Enstar Group Ltd has completed the previously announced transaction between one of its wholly-owned subsidiaries with Insurance Australia Ltd, on behalf of Insurance Australia Group, following receipt of the relevant regulatory approvals and satisfaction of the final closing conditions.

Under the terms of the adverse development cover agreement, the company said, Enstar will provide approximately the equivalent of $442 million of excess cover over the equivalent of $1.7 billion of underlying reserves for certain long-tail insurance business.

The portfolio includes product & public liability, compulsory third-party motor, professional risks and workers’ compensation for losses incurred on or prior to June 30, 2023.