Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has signed an agreement with Continental Casualty Company (“CNA”) to reinsure a legacy portfolio of excess workers’ compensation business.

In the transaction, Enstar’s subsidiary will assume net insurance reserves of approximately $690 million, relating to 2007 and prior year business.

The closing of the transaction is subject to regulatory approval and other closing conditions.

Dominic Silvester, Enstar’s Chief Executive Officer said: “Our agreement today to partner with CNA, an industry leader, expands our portfolio of U.S. excess workers’ compensation legacy reserves, a line of business we have considerable experience and success in managing.”