A wholly-owned subsidiary of Enstar Group Limited has signed an agreement with subsidiaries of Munich Re to acquire certain portfolios from their Australian branches of Great Lakes Insurance and HSB Engineering Insurance, primarily of long tail insurance business.
In the transaction, which is subject to regulatory and Australia court approval, Enstar's subsidiary would receive total assets of approximately AUD$228.2 million (approximately $156.2 million) for assuming the associated net insurance reserves.
In a statement, Enstar said that the parties would 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.
Learn more: www.enstargroup.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].