A subsidiary of Bermuda-based Enstar Group 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, primarily of long tail insurance business.
The transaction is subject to regulatory and Federal Court of Australia approval.
Enstar's subsidiary will receive total assets of approximately A$228.2 million (approximately $156.2 million) for assuming the associated net insurance reserves.
The parties will pursue a portfolio transfer of the insurance business under Division 3A of Part III of Australia’s Insurance Act 1973 (Cth), which would provide legal finality for Munich Re.
Enstar Group, Great Lakes Insurance, HSB, Munich Re, Australia, Run-off, Acquisition, Bermuda