Bermuda-based legacy and run-off insurance and reinsurance specialist Enstar Group has closed on its previously announced transaction that sees it reinsure a legacy book for QBE Insurance Group Limited.
The deal saw Enstar reinsure the legacy multi-line property and casualty business of QBE, enabling the insurer to achieve finality on those liabilities. The deal closed following receipt of regulatory approval and after closing conditions were satisfied.
The legacy portfolio is primarily made up of workers’ compensation, construction defect, and general liability discontinued lines of QBE’s insurance business.
An Enstar subsidiary has also pledged a portion of the premium as collateral to a subsidiary of QBE and has provided additional collateral and a limited parental guarantee, to get the deal done. Enstar’s subsidiary also provides administrative services on the reinsured portfolio.
Source: Globe Newswire.
