DGAP-News: Enstar Group Limited Announces Significant Reinsurance Transaction and Closing of Acquisition

(firmenpresse) - Enstar Group Limited

04.01.2011 14:00
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HAMILTON, Bermuda, 2011-01-04 14:00 CET (GLOBE NEWSWIRE) --Enstar Group Limited ('Enstar') (Nasdaq:ESGR) today announced that on December
31, 2010, through a wholly-owned subsidiary, it entered into a 100% reinsurance
agreement, administrative services agreement, and related transaction documents
with three affiliates of CIGNA Corporation pursuant to which the Enstar
subsidiary has reinsured all of the run-off workers compensation and personal
accident reinsurance business of those CIGNA affiliates.

Pursuant to the transaction documents, the CIGNA affiliates have transferred
assets into three reinsurance collateral trusts securing the obligations of
Enstar's subsidiary under the reinsurance agreement and administrative services
agreement. Enstar's subsidiary has transferred approximately $50 million of
additional funds to the trusts to further support these obligations. Enstar
funded the contribution to the trusts through a draw on a new $115 million
credit facility entered into with Barclays Bank PLC on December 29, 2010.

In addition to the trusts, Enstar has provided a limited parent guarantee
supporting certain obligations of its subsidiary. The amount of the guarantee
will increase or decrease over time under certain circumstances, but will
always be subject to an overall maximum cap with respect to reinsurance
liabilities.

Enstar also announced today that in a separate transaction it has completed the
acquisition of Claremont Liability Insurance Company, a California insurance
company in run-off, for approximately $14 million. This transaction was
completed on December 31, 2010.

Enstar, a Bermuda company, acquires and manages insurance and reinsurance
companies in run-off and provides management, consultancy and other services to


the insurance and reinsurance industry.

The Enstar Group Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5734

This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include statements regarding the intent, belief or current
expectations of Enstar and its management team. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results may
differ materially from those projected in the forward-looking statements as a
result of various factors. Important risk factors regarding Enstar may be found
under the heading 'Risk Factors' in Enstar's Form 10-K for the year ended
December 31, 2009, and are incorporated herein by reference. Furthermore,
Enstar undertakes no obligation to update any written or oral forward-looking
statements or publicly announce any updates or revisions to any of the
forward-looking statements contained herein, to reflect any change in its
expectations with regard thereto or any change in events, conditions,
circumstances or assumptions underlying such statements, except as required by
law.


CONTACT: Enstar Group Limited
Richard J. Harris
(441) 292-3645
News Source: NASDAQ OMX



04.01.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solelyresponsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Enstar Group Limited


Bermuda
Phone:
Fax:
E-mail:
Internet:
ISIN: BMG3075P1014
WKN:

End of Announcement DGAP News-Service

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