Enstar Group Ltd has completed the acquisition of a Belgium-based insurer in a deal worth more than $44 million.

Enstar, a Bermuda-based company that specialises in buying and managing businesses in run-off, bought National Suisse Assurance from Helvetia Group and will now rename the company Alpha Insurance.

As part of the transaction, an Enstar subsidiary within the StarStone Group acquired Nationale Suisse’s two underwriting agencies, Vander Haeghen & Co and Arena. Vander Haeghen & Co specialises in luxury car and other specialist insurance products and Arena is a leading sports club insurance agency.

The total consideration for the transaction is expected to be 39.7 million euros ($44.4 million) after post-closing adjustments.