Sixth Street, Mnuchin to Buy Insurer Enstar for $5.1 Billion

An investor group led by Sixth Street agreed to buy property and casualty insurer Enstar Group Ltd. for $5.1 billion, in the second-largest private equity backed insurance deal of the year.

Former US Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital and J.C. Flowers & Co. are also participating in the deal for Hamilton, Bermuda-based Enstar, which specializes in buying and managing blocks of insurance policies that are in run-off, according to a statement Monday.