04:44 AM EDT, 08/09/2024 (MT Newswires) -- Enstar Group ( ESGR ) said late Thursday it has agreed to a $376 million loss portfolio transfer with QBE Insurance Group subsidiaries.

The company said the deal covers a US commercial liability and workers' compensation portfolio "largely underwritten on recently discontinued programs."

Enstar ( ESGR ) will assume net loss reserves from QBE of $376 million with an effective date of July 1, and will provide about $175 million of cover in excess of the ceded reserves, the company said.

The transaction is expected to be completed in Q4.