Nordic Run-Off Limited has signed a definitive agreement to takeover Copenhagen Reinsurance Company Ltd., from Alm. Brand Forsikring A/S. Nordic Run-Of will pay about $28 million in cash for the transaction that is likely to complete in the third quarter of 2009. Copenhagen was placed into run-off in 2001.
Completion of the deal is subject to regulatory approval, satisfaction of customary closing conditions and others.
Nordic Run-Off Limited is a wholly-owned subsidiary of Bermuda-based Enstar Group. Enstar acquires and manages insurance and reinsurance firms in run-off. The company offers consultancy, management and other services to the insurance and reinsurance sectors.