DGAP-News: Enstar Group Limited to Acquire Atrium Underwriting Group and Arden Reinsurance
(firmenpresse) - Enstar Group Limited
05.06.2013 14:45
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HAMILTON, Bermuda, 2013-06-05 14:45 CEST (GLOBE NEWSWIRE) --
Enstar Group Limited (Nasdaq:ESGR) announced today that it has entered into
definitive agreements with Arden Holdings Limited under which Enstar will
acquire Atrium Underwriting Group Limited and Arden Reinsurance Company
Limited. Atrium is an underwriting business at Lloyd's of London, which manages
Syndicate 609 and provides approximately one quarter of the syndicate's
capital. Atrium specializes in accident and health, aviation, marine property,
non-marine property, professional liability, property and casualty binding
authorities, reinsurance, upstream energy, war and terrorism insurance, cargo
and fine art. Arden Reinsurance is a Bermuda-based reinsurance company that
provides reinsurance to Atrium and is currently in the process of running off
certain other discontinued businesses.
The purchase price for Atrium will be approximately $183.0 million and the
purchase price for Arden Reinsurance will be approximately $79.6 million.
Completion of each transaction is conditioned on, among other things,
governmental and regulatory approvals and satisfaction of various customary
closing conditions. The two transactions are governed by separate purchase
agreements and the acquisition of each company is not conditioned on the
acquisition of the other. Both transactions are expected to close by the end of
the fourth quarter of 2013.
Dominic Silvester, Enstar's Chief Executive Officer, said, 'The acquisition of
Atrium's 'live' underwriting platform will represent a further evolution of
Enstar's business. Our core focus remains on acquiring insurance and
reinsurance companies that are in run-off, however we believe Atrium will
provide us with a high quality operation at Lloyd's that includes a skilled
underwriting and management team that will help create new opportunities for us
to grow and prosper.'
Steve Cook, Chief Executive Officer of Atrium, said, 'We are delighted to be
able to play a key role in Enstar's strategic expansion into the 'live'
underwriting environment. Atrium intends to continue its existing strategy and
plans under Enstar's ownership whilst evaluating opportunities that may arise
from Enstar's future acquisitions. Atrium believes it has found a culturally
compatible and financially secure strategic owner.'
Enstar, a Bermuda company, acquires and manages insurance and reinsurance
companies in run-off and portfolios of insurance and reinsurance business 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. Investors are cautioned that
any such forward-looking statements speak only as of the date they are made,
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. In particular,
Enstar may not be able to complete the proposed transactions on the terms
summarized above or other acceptable terms, or at all, due to a number of
factors, including but not limited to the failure to obtain governmental and
regulatory approvals or to satisfy other closing conditions. Additional
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, 2012, 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: Richard J. Harris
Telephone: (441) 292-3645
News Source: NASDAQ OMX
05.06.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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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Datum: 05.06.2013 - 14:45 Uhr
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News-ID 266808
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