Enstar Group Ltd., the Bermuda-based insurance management provider, agreed to buy British Engine Insurance Ltd. from RSA Insurance Group Plc for about $45.5 million.

The sale is expected to be completed by the end of this year, Enstar said yesterday in a statement distributed by Globe Newswire.

The deal is expected to be financed in part by a bank loan facility to be finalised before closing.

Enstar acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the industry.