Enstar closes $690m CNA legacy reinsurance deal

Bermudian re/insurer Enstar Group has closed its $690 million reinsurance deal with a subsidiary of CNA Group.

Enstar's wholly owned subsidiary has completed a transaction with Continental Casualty Company (CNA) to reinsure a legacy portfolio of excess workers’ compensation business.

In the transaction, CNA ceded net insurance reserves to an Enstar subsidiary of approximately $690 million not inclusive of any roll forward adjustments, relating to 2007 and prior year business.

Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.

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