Enstar to acquire Australian run-off portfolios from Munich Re
Bermuda-based re/insurer and run-off specialist Enstar Group has agreed a deal to acquire $156.2 million of run-off portfolios from the Australian branches of Munich Re’s Great Lakes Insurance and HSB Engineering Insurance.
The portfolio primarily comprises of long tail insurance business.
Enstar said 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's subsidiary will receive total assets of approximately A$228.2 million (approximately $156.2 million) for assuming the associated net insurance reserves.
The transaction is subject to regulatory and Federal Court of Australia approval.
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