Bermudian-based insurance and reinsurance firm Enstar has bought an engineering company for $91.5 million.

The buy-up of US-based Dana Companies, a vehicle drivetrain, sealing and heat management technology specialist, is international operator Enstar’s first acquisition outside the insurance industry.

Enstar said that Dana holds liabilities connected to personal injury asbestos and environmental claims from its historic manufacturing operations.

Enstar added that assets of interest include insurance rights connected to coverage against those liabilities and marketable securities.

The insurer and reinsurer was established to buy up and manage insurance and reinsurance companies in run-off and to provide management, consulting and other services to the industry.

Dominic Sylvester, chief executive officer of Enstar, said the Dana acquisition fell within the firm’s corporate description.

He added that the deal “complements our core business of managing legacy liabilities and our specific expertise in asbestos and we are pleased to have worked with Dana to provide an effective resolution to the asbestos liabilities arising from historic operations”.

Mr Sylvester added that the Dana acquisition showed Enstar’s ability “to deliver legacy and capital release solutions to this broader market sector” as the company continued to expand its business.

Enstar is also a major investor in Bermudian-based KaylaRe, which launched last month with initial capital of $620 million.

KaylaRe will focus on global speciality reinsurance coverage.

Enstar co-founder Nick Packer said KaylaRe was a “differentiated total return reinsurer” that gains access through Enstar to “a high-quality, diversified portfolio of low-volatility speciality insurance risks and supporting infrastructure.”