Enstar completes legacy deal with Continental Casualty

Enstar Group has completed a transaction with Continental Casualty Company (CNA) to reinsure a legacy portfolio of excess workers’ compensation business.

The deal saw CNA cede net insurance reserves to an Enstar subsidiary of approximately $690 million, not including any roll forward adjustments, relating to 2007 and prior year business.

Enstar also announced it will pay cash dividends on its Series D and Series E preference shares.

Enstar will pay a dividend of $0.43750 per depositary share on its series D 7.00 percent fixed-to-floating rate perpetual non-cumulative preference shares, and of $0.43750 per depositary share on its series E 7.00 percent perpetual non-cumulative preference shares.

The dividends will be payable on March 1, 2021 to shareholders of record on February 15, 2021.

Each depository share represents a 1/1,000th interest in the corresponding preference share.