Bermuda-based Enstar Group has signed an agreement to acquire Belgian insurance firm Nationale Suisse Assurance (NAB), for around €33.7m ($38.5m).

NAB provides non-life specialty insurance and life insurance services in Belgium.

As part of the deal, Enstar subsidiary Torus Insurance will acquire two underwriting agencies from NAB, including Vander Haeghen & C° and Arena.

Vander Haeghen & C° offers luxury car and other specialist insurance products, while Arena is a specialized sports club insurance agency.

The deal will also include the right to renew certain business currently underwritten by NAB, including the business directed by Vander Haeghen & C° and Arena, as well as other select lines.

Subject to regulatory approvals and satisfaction of various closing conditions, the transaction is expected to be completed in the second quarter of 2015.

Enstar, through its operating subsidiaries, manages diversified insurance businesses in Bermuda, the US, the UK, Continental Europe and Australia.