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HARTFORD, Conn.The Travelers Cos. said Tuesday that its subsidiary, St. Paul Fire & Marine Insurance Co., agreed to sell Unionamerica Holdings Ltd. to a subsidiary of Enstar Group Ltd. for $343.4 million.
Unionamerica Holdings, which handles runoffs for Travelers' U.K.-based London company market insurance and reinsurance businesses, was sold to Royston Run-Off Ltd. Unionamerica handles medical malpractice, asbestos and environmental reserves, and has gross liabilities of approximately $1 billion.
Hartford, Conn.-based Travelers expects to record an immaterial fourth-quarter gain in connection with the transaction. The completion of the deal is still subject to approval by the U.K. Financial Services Authority.