09:54 AM EDT, 08/29/2024 (MT Newswires) -- Enstar Group ( ESGR ) early Thursday said it has completed its previously announced agreement through a wholly owned subsidiary to provide 650 million Australian dollars ($442 million) of excess coverage to subsidiaries of Insurance Australia after receiving all necessary regulatory approvals and meeting other relevant closing conditions.

The excess coverage is over $1.7 billion in underlying reserves for the Australian insurer for losses incurred with its product and public liability, compulsory third-party motor and its professional risks and workers' compensation portfolios before June 30, Enstar ( ESGR ) said.

Enstar ( ESGR ) shares were edging 0.3% lower in recent early Thursday trading.

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