Bermuda-based Enstar Group Ltd. has bought London insurer Goshawk Insurance Holdings plc. for about $90.3 million.

Under the terms, Enstar, an operator of insurance companies and provider of services to the industry, will pay 5.2 pence ($0.103) a share, or £45.7 million, for Goshawk, Enstar said in a statement late on Friday.

Goshawk operates Rosemont Reinsurance Ltd., a Bermuda reinsurer that focused on property and marine insurance. The company's shares closed at 3.5 pence each on Friday.

To finance the deal, Enstar said it arranged a $60 million credit line from National Australia Bank and a $45.2 million letter of credit from JP Morgan. The deal is subject to conditions including regulatory clearance.