NEW YORK (AP) ¿ Bermuda-based insurance company holding group Enstar Group Ltd. said Friday that a subsidiary, Nordic Run-Off Ltd., had agreed to buy Copenhagen Reinsurance Co. for about $28 million.
Enstar is purchasing the business from a subsidiary of Denmark-based financial services group Alm. Brand A/S. Copenhagen Re was placed into run-off in 2001, which means it has not looked for any new business.
Enstar said it plans to finance the acquisition from available cash on hand.
The deal is expected to close in the third quarter, depending on regulatory approval and other closing conditions.Enstar shares slipped $1.64, or 2.9 percent, to $55.20 on Friday. The stock has traded between $41.20 and $135.02 during the past 52 weeks.