Bermuda-based Enstar Group Ltd. has agreed to acquire Copenhagen Reinsurance Company Ltd. for $28 million, the company announced on Friday.

Enstar's wholly owned subsidiary Nordic Run-Off Ltd., agreed to buy the Danish reinsurer from Alm. Brand Forsikring A/S.

Copenhagen Re was placed into run-off after being hit with more than $80 million in claims after the 9/11 terrorist attacks in 2001.

The transaction is expected to close in the third quarter of this year, pending regulatory approval and satisfaction of some customary closing conditions.

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