Ashurst has advised Munich Re and its Australian branch subsidiaries of Great Lakes Insurance SE and HSB Engineering, on the sale of certain books of business to Enstar Group Limited subsidiary, Gordian, as run-off portfolios, primarily of long tail insurance business.
The parties will pursue a portfolio transfer of the insurance business which is subject to regulatory and Federal Court of Australia approvals. If approved, Gordian will receive total assets of approximately A$228.2 million.
Enstar Group Limited acquires and manages insurance and reinsurance companies in run-off. The Company also provides management, consulting, and other services to the global insurance and reinsurance industry.
Munich Re is a reinsurance company based in Munich, Germany. It is one of the world’s leading reinsurers.
The Ashurst team was led by partner Rehana Box (Picture), supported by senior associate Alex Nash. Tax advice was provided by partner Barbara Phair.
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