(Bloomberg) -- Allianz SE, Europe’s biggest insurer, struck a deal to limit risks in the U.S. by transferring policy obligations to reinsurer Enstar Group Ltd.

Enstar will assume net reinsurance reserves of about $1.1 billion and cover half of a book of business for Allianz, according to a statement Wednesday from the Bermuda-based company. The deal includes obligations on policies from workers’ compensation, construction defects, and asbestos that were issued under the Fireman’s Fund brand.

Allianz is focusing on its most profitable segments as it seeks annual earnings-per-share growth of 5% on average from 2016 to 2018. The Munich-based company reached a deal in 2014 to sell the retail business of Fireman’s Fund to Ace Ltd. for $365 million. Allianz kept the commercial property-and-casualty businesses of Fireman’s Fund to restructure them or wind them down.

Enstar traces its roots to the early 1990s and takes on business from carriers that stopped selling lines of coverage. It counts the Canada Pension Plan Investment Board and Stephen Friedman’s Stone Point Capital as its largest shareholders.

“Implementing a reinsurance transaction of this complexity and magnitude for Allianz, a global industry leader, demonstrates clearly the scope and scale of the solutions that Enstar can provide,” Chief Executive Officer Dominic Silvester said in the statement. “We welcome the opportunity to continue to work with Allianz.”

Under the deal, Enstar will provide consulting services on the entire $2.2 billion portfolio, including the share retained by Allianz. The combined support by Enstar will initially be capped at $270 million.

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