Bermuda Insurer Enstar Acquires Portfolio From Munich Re

Law360, London (September 12, 2019, 4:14 PM BST) -- A subsidiary of Bermuda-based Enstar has agreed to buy insurance portfolios from the Australian branches of German reinsurance giant Munich Re.

Enstar Group Ltd. said Tuesday that its subsidiary, which it did not name, will acquire portfolios from the Australian businesses of Great Lakes Insurance and HSB Engineering Insurance — which are part of the Munich Re group.

The Australian companies will pay Enstar’s subsidiary AUD$228.2 million ($155.9 million) to cover the liability for unsettled claims from policyholders.

Enstar, which holds approximately $18.2 billion in assets, said the portfolios consist mostly of long-tail insurance, which have a long settlement period —...

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