Bermuda-based run-off specialist Enstar Group announced that one of its wholly-owned subsidiaries has completed the previously announced acquisition of Clarendon National Insurance Company from an affiliate of Hannover Re.This was the largest in a succession of acquisitions that has enabled the company to grow its total assets to more than $7 billion.Clarendon National is a New Jersey-domiciled insurer that is in run-off. Clarendon National owns three other insurers, two domiciled in New Jersey and one domiciled in Florida, that are also in run-off.Clarendon National and its subsidiaries reported combined total assets of $2.1 billion and combined total liabilities of $1.84 billion in their statutory financial statements as of March 31, 2011.The purchase price paid was $219.1 million and was financed in part by a bank loan facility provided by a London-based bank and entered into on March 4, 2011 and in part from available cash on hand.Enstar acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry.Run-off occurs when an insurer stops writing new business, but still has to be managed to deal with continuing obligations, particularly claims from policyholders.In April this year private-equity funds backed by US bank Goldman Sachs purchased a 20 percent stake in Enstar in a $290 million deal.