Enstar strikes $420m reinsurance deal with Liberty Mutual

Bermuda-based re/insurer Enstar Group has signed a $420 million reinsurance deal with Liberty Mutual Insurance Europe SE (LMIE).

Under the agreement, one of Enstar's wholly-owned subsidiaries will reinsure a legacy portfolio of US liability businesses that was previously written by LMIE through its London branch.

These include a US energy liability portfolio, as well as US construction and homebuilders liability insurance portfolios.

Enstar’s subsidiary will assume gross insurance reserves of approximately $420 million, relating to 2019 and prior year business.