AMP has offloaded its closed reinsurance and general insurance operation Cobalt/Gordian to Bermuda-based closed book specialist Enstar Group for $585 million.

AMP CEO Andrew Mohl says Cobalt/Gordian has delivered profitable run-off but the company has chosen to accept an attractive offer from Nasdaq-listed Enstar.

The sale will return $83 million in profit after it is completed in the next few months, subject to regulatory approval.