ENSTAR REINSURES $690M US LEGACY BOOK

Bermudian legacy specialist Enstar has reached an agreement to reinsure a $690m runoff portfolio. Enstar has signed an agreement with US-based CNA to reinsure a legacy portfolio of excess workers’ compensation business belonging to the insurer’s subsidiary, Continental Casualty Company. The transaction will see Enstar’s subsidiary assume net insurance reserves of approximately $690m, relating to 2007 and prior year business. Dominic Silvester, Enstar’s chief executive officer, said the agreement with CNA expands Enstar’s portfolio of US excess workers’ compensation legacy reserves, “a line of business we have considerable experience and success in managing.”