Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has signed an agreement with Liberty Mutual Insurance Europe SE (LMIE) to reinsure a number of US energy liability, US construction liability and US homebuilders liability insurance portfolios that were previously written out of LMIE’s London branch.

In the transaction, Enstar’s subsidiary will assume gross insurance reserves of approximately $420 million, relating to 2019 and prior year business.

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