Run-off specialist Gordian has agreed to acquire $228 million worth of long-tail insurance portfolios in Australia from Munich Re subsidiaries, Great Lakes Insurance and HSB Engineering Insurance.

They did not provide details of the run-off books being offloaded except that it relates to “certain portfolios” from the Australian branches of the German reinsurer’s businesses.

The agreement between Gordian, which is owned by Bermuda-based Enstar Group, and Munich Re is subject to approval from regulators and the Federal Court of Australia.

“The parties will pursue a portfolio transfer of the insurance business under … Australia’s Insurance Act, which would provide legal finality for Munich Re,” Enstar says in a statement.

Gordian, which was acquired by Enstar in 2008, has featured in a number of insurance run-offs in Australia, including AMP’s disposal of GIO assets in 2002 after a ruinous takeover battle, and Zurich’s offloading of its NSW compulsory third party business last year.

According to its 2018 annual report, Enstar acquires and manages insurance and reinsurance companies and portfolios of insurance and reinsurance business in run-off.

“Since formation, we have completed the acquisition of more than 90 insurance and reinsurance companies and portfolios of business,” the company says in its annual report.