Enstar Group Limited announced that its wholly-owned subsidiary, Nordic Run-Off Limited, had entered into a definitive agreement for the purchase of Copenhagen Reinsurance Company Ltd. (“Copenhagen Re”) from Alm. Brand Forsikring A/S. Copenhagen Re was placed into run-off in 2001.

The purchase price of approximately $28 million is expected to be financed from available cash on hand.

Completion of the transaction is conditioned on, among other things, regulatory approval and satisfaction of various customary closing conditions. The transaction is expected to close in the third quarter of 2009.

Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.