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Enstar unit signs deal with Munich Re subsidiaries to buy Australian portfolios

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Enstar unit signs deal with Munich Re subsidiaries to buy Australian portfolios

An Enstar Group Ltd. subsidiary reached an agreement with Munich Re Co. subsidiaries to acquire certain portfolios from their Australian branches of Great Lakes Insurance and HSB Engineering Insurance, primarily of long-tail insurance business.

As a part of the deal, Enstar's subsidiary will receive total assets of approximately A$228.2 million for assuming the associated net insurance reserves.

The deal is subject to regulatory and judicial approval in Australia.