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Enstar closes purchase of Great Lakes, HSB run-off portfolios

3rd July 2020 - Author: Charlie Wood

Legacy acquirer Enstar Group has announced that one of its wholly-owned subsidiaries has acquired certain portfolios from the Australian branches of Great Lakes Insurance SE and HSB Engineering Insurance Limited, both part of Munich Re group.

enstarThis deal was first announced late last year and was described as primarily consisting of long tail insurance business.

This transaction saw Enstar’s subsidiary receive total assets of around AUD$228.2 million (US$156.2 million), subject to a final roll-forward adjustment, for assuming the associated net reserves, which primarily relate to long tail insurance business.

Enstar notes that completion of the deal followed receipt of regulatory and federal court of Australia approvals and satisfaction of various other closing conditions.

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