A wholly owned subsidiary of legacy acquirer, Enstar Group Limited, has completed a reinsurance transaction with Continental Casualty Company (CNA).
Enstar’s subsidiary has finalised a transaction to reinsure a legacy portfolio of excess workers’ compensation business.
Under the terms of the deal, CNA has ceded net insurance reserves to the subsidiary of approximately $690 million, not inclusive of any roll forward adjustments, relating to 2007 and prior year business.
First announced in December of last year, the deal has now completed following receipt of regulatory approvals and satisfaction of various other closing conditions.
The completion of this transaction with CNA comes shortly after Enstar announced a new reinsurance deal with ProSight Global.