Enstar Transfer Of Certain Run-Off Portfolios
Enstar Group Limited announced that one of its wholly-owned subsidiaries has signed an agreement with subsidiaries of Munich Re to acquire certain portfolios from their Australian branches of Great Lakes Insurance and HSB Engineering Insurance.
A spokesperson said, “Enstar Group Limited announced today that one of its wholly-owned subsidiaries has completed a transaction with Great Lakes Insurance SE and HSB Engineering Insurance Limited, both subsidiaries of Munich Re, pursuant to which Enstar’s subsidiary has acquired certain portfolios from their Australian branches.
“In the transaction, Enstar’s subsidiary received total assets of approximately AUD$228.2 million [approximately $156.2 million], subject to a final roll-forward adjustment, for assuming the associated net reserves, which primarily relate to long tail insurance business.
“Completion of the transaction followed receipt of regulatory and federal court of Australia approvals and satisfaction of various other closing conditions.”
