Alm. Brand A/S is a Danish financial services group operating within non-life insurance, banking and life and pension insurance. Copenhagen Re (or A/S Det Kjøbenhavnske Reassurance-Compagni) is the Group’s reinsurance company which has been in run-off since the terrorist attack on World Trade Center (WTC) on 11 September 2001.The acquirer; Nordic Run-Off Limited is a UK subsisiary of Enstar Group Limited, a listed Bermuda company that acquires and manages insurance and reinsurance companies in run-off and provides management, consulting and other services to the global insurance and reinsurance industry.
The decision to put Copenhagen Re into run-off was made as a consequence of significant uncertainty about the size of the claims potentially covered by Copenhagen Re. Having pruned the portfolio and reduced the underlying risk the actual contents of Copenhagen Re’s commitments have today become increasingly clearer. Alm. Brand /S therefore decided to explore the opportunity of achieving finality by divesting Copenhagen Re.
