DGAP-News: Enstar Group Limited Announces Completion of Arden Reinsurance Acquisition
(firmenpresse) - Enstar Group Limited
09.09.2013 22:15
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HAMILTON, Bermuda, 2013-09-09 22:15 CEST (GLOBE NEWSWIRE) --
Enstar Group Limited (Nasdaq:ESGR) announced today that it, together with
affiliates of Stone Point Capital LLC, has completed the previously announced
acquisition of Arden Reinsurance Company Ltd. from Arden Holdings Ltd. Arden
Reinsurance is a Bermuda-based reinsurance company that provides reinsurance to
the Atrium Underwriting group of companies and is currently in the process of
running off certain other discontinued businesses.
The purchaser of Arden Reinsurance, Northshore Holdings Limited, is 60% owned
by an Enstar subsidiary and 40% owned by funds affiliated with Stone Point. The
purchase price for Arden Reinsurance was $79.6 million and was paid by Enstar
and Stone Point in accordance with their ownership interests. Enstar's portion
of the purchase price of $47.8 million was financed by a drawing under its
revolving credit facility.
As previously announced, Enstar signed definitive agreements with Arden
Holdings Ltd. to acquire Arden Reinsurance and Atrium Underwriting Group Ltd.
on June 5, 2013. Atrium is an underwriting business at Lloyd's of London, which
manages Syndicate 609 and provides approximately one quarter of the Syndicate's
capital. The Atrium acquisition remains conditioned on the receipt of
regulatory approvals and satisfaction of various customary closing conditions
and is expected to close in the fourth quarter of 2013. Enstar and Stone Point
will also partner in the Atrium transaction, taking 60% and 40% interests,
respectively.
About Enstar
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. Enstar recently announced its expansion
into live underwriting with its June 2013 definitive agreement to acquire
Atrium Underwriting Group Ltd. and its July 2013 definitive agreement to
acquire Torus Insurance Holdings Limited.
About Stone Point
Stone Point is a financial services-focused private equity firm based in
Greenwich, CT. The firm has raised and managed five private equity funds --the
Trident Funds --with aggregate committed capital of more than $9 billion. In
addition to the capital invested by the Trident Funds, Stone Point has secured
approximately $6 billion of equity co-investments since 2001. Stone Point
targets investments in the global financial services industry, including
investments in insurance and reinsurance companies, banks and depository
institutions, companies that provide outsourced services to financial
institutions, asset management firms, insurance distribution and other
insurance-related businesses, specialty lending and other credit opportunities,
mortgage services companies and employee benefits and healthcare companies.
Cautionary Statement Regarding Forward-Looking Statements
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. 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 in Enstar's Form
10-Q for the period ended June 30, 2013; these risk factors 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
09.09.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group 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: 09.09.2013 - 22:15 Uhr
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