Enstar Completed Lost Portfolio Transfer with QBE

HAMILTON, Bermuda, Oct. 31, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has closed its previously announced greenfield loss portfolio transfer transaction with subsidiaries of QBE Insurance Group Limited (” QBE”) will reinsure a portfolio of U.S. commercial liability and workers’ compensation businesses largely written into recently discontinued programs.

Under the reinsurance agreement, QBE ceded approximately $376 million of net reserves and Enstar’s subsidiary provided approximately $175 million of coverage in excess of the ceded reserves.

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

About Enstar

Enstar is a leading NASDAQ-listed global insurance group providing innovative capital release solutions through a network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. Enstar, the market leader in completing old acquisitions, has acquired 120 companies and portfolios since its founding in 2001. For more information about Enstar, visit www.enstargroup.com.

Contact:

According to Enstar:

For Investors: Matthew Kirk)

For Media: Jenna Kerr)