Enstar acquires Australian portfolios from Munich Re subsidiaries

A wholly owned subsidiary of Enstar Group has acquired a number of portfolios from the Australian branches of Great Lakes Insurance and HSB Engineering Insurance.

Both companies are subsidiaries of Munich Re

Enstar’s subsidiary received total assets of approximately AUD$228.2 million ($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.