The acquisition announced by Enstar Group Limited in September 2019 has now crossed the finish line, with one of its wholly-owned subsidiaries completing the transfer of certain portfolios from the Australian branches of Munich Re subsidiaries Great Lakes Insurance SE and HSB Engineering Insurance Limited.
“In the transaction, Enstar’s subsidiary received total assets of approximately AU$228.2 million (approximately 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,” noted Enstar.
Read more: Enstar to buy Australian run-off portfolios from Munich Re
The insurance group said the deal completion followed receipt of regulatory and federal court of Australia approvals and the satisfaction of various other closing conditions.
It was previously highlighted that the portfolio transfer, under Division 3A of Part III of Australia’s Insurance Act 1973 (Cth), would provide legal finality for Munich Re.
