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.