DGAP-News: Enstar Group Limited and Stone Point Capital Announce Completion of Atrium Underwriting Group Acquisition
(firmenpresse) - Enstar Group Limited
25.11.2013 14:17
---------------------------------------------------------------------------
HAMILTON, Bermuda, 2013-11-25 14:17 CET (GLOBE NEWSWIRE) --
Enstar Group Limited (Nasdaq:ESGR) and Stone Point Capital announced today that
they had completed the previously announced acquisition of Atrium Underwriting
Group Ltd. from Arden Holdings Ltd.
Atrium is an underwriting business at Lloyd's of London that 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.
The purchaser of Atrium, Alopuc Limited, is indirectly owned 60% by an Enstar
subsidiary and 40% by Trident V, L.P. and its affiliated co-investment funds,
which are managed by Stone Point. The purchase price for Atrium was $158.0
million, which was reduced from $183.0 million following the payment of a $25.0
million pre-completion dividend. The purchase price was paid by Enstar and the
Trident V funds in accordance with their ownership interests. Enstar's portion
of the purchase price was financed by a drawing under its revolving credit
facility.
Enstar previously announced that it and the Trident V funds had completed the
acquisition of Arden Reinsurance Company Ltd. on September 9, 2013, taking 60%
and 40% interests, respectively. Arden Reinsurance is a Bermuda-based
reinsurance company that provides reinsurance to the Atrium group of companies
and is currently in the process of running off certain other discontinued
businesses.
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 acquisitions of Atrium and Arden Reinsurance
and its July 2013 definitive agreement to acquire Torus Insurance Holdings
Limited, a transaction that is expected to close in the first quarter of 2014.
For further information about Enstar, see www.enstargroup.com.
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. For
further information about Stone Point, see www.stonepoint.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the
meaning of the PrivateSecurities 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
(441) 292-3645
News Source: NASDAQ OMX
25.11.2013 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
---------------------------------------------------------------------------
Language: English
Company: Enstar Group Limited
Bermuda
Phone:
Fax:
E-mail:
Internet:
ISIN: BMG3075P1014
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 25.11.2013 - 14:17 Uhr
Sprache: Deutsch
News-ID 319928
Anzahl Zeichen: 3000
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 416 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Enstar Group Limited and Stone Point Capital Announce Completion of Atrium Underwriting Group Acquisition"
steht unter der journalistisch-redaktionellen Verantwortung von
Enstar Group Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
