Enstar acquires Munich Re run-off portfolios
Bermudian-based Enstar Group Ltd has struck a deal to acquire some Australian run-off portfolios from subsidiaries of Munich Re.
A subsidiary of Enstar will receive total assets of approximately AUS$228.2 million (about $156.2 million) for assuming the associated net insurance reserves.
The portfolios of primarily long-tail business will be acquired from the Australian branches of Great Lakes Insurance and HSB Engineering Insurance.
The transaction is subject to approval by regulators and Federal Court of Australia.
Enstar claims to be the insurance industry’s largest standalone run-off consolidator and has approximately $18.2 billion in assets and $4.5 billion of shareholders’ equity.
Duffy triumphs in South Africa
Post office box bill problems
Bascome side to face Lone Star
Evans and Smith miss out on Tokyo
Daley and Welsh lead the way for East
Lambe unused in defeat
Sentence upheld for fentanyl smuggler
Witness denies being spurned lover
Goater: Wells would be a big hit in Bristol
2019 bird count logs some very rare visitors
Helping people to stay together
Looking for youthful blood donors
Manders determined to restore former glory
Take Our Poll