Bermuda domiciled re/insurance, run-off and legacy specialist Enstar Group, has announced that one of its wholly-owned subsidiaries has completed a transaction to reinsure a book of US asbestos and environmental liability insurance portfolios of Zurich North America.
The transaction, which saw Enstar’s subsidiary assume gross insurance reserves of roughly $500 million relating to 1986 and prior year business, was initially announced in April of this year.
The deal has now closed following the receipt of regulatory approvals and satisfaction of various other closing conditions.
Just last month, Enstar signed an agreement with subsidiaries of reinsurance giant Munich Re to acquire certain portfolios from the Australian branches of Great Lakes Insurance and HSB Engineering Insurance.
