Legacy acquirer Enstar has signed an agreement with Continental Casualty Company, via one of its subsidiaries, to reinsure a legacy portfolio of excess workers’ compensation business.
The transaction will see Enstar’s Cavello Bay Reinsurance assume net insurance reserves of approximately $690 million, relating to 2007 and prior year business.
The closing of the transaction is subject to regulatory approval and other closing conditions.
“Our agreement today to partner with CNA, an industry leader, expands our portfolio of U.S. excess workers’ compensation legacy reserves, a line of business we have considerable experience and success in managing,” said Dominic Silvester, Enstar’s Chief Executive Officer said:
Dino Robusto, Chairman and CEO of CNA, added, “The transfer of legacy reserves supports CNA’s continued commitment to advancing our core business.
“We are pleased to be working with an excellent partner in Enstar in pursuit of our goals.”