Enstar Group Limited Completes Acquisition of Companion Property and Casualty Insurance Company
(Thomson Reuters ONE) -
HAMILTON, Bermuda, Jan. 28, 2015 (GLOBE NEWSWIRE) -- Enstar Group Limited
(Nasdaq:ESGR) announced that today one of its wholly owned subsidiaries
completed the previously announced acquisition of Companion Property and
Casualty Insurance Company ("Companion") from Blue Cross and Blue Shield of
South Carolina. Companion is a South Carolina-based insurance group writing
property, casualty, specialty and workers compensation business, and has also
provided fronting and third party administrative services. Companion's statutory
financial statements as of September 30, 2014 reported its total assets as
$1,119.6 million and total liabilities of $877.2 million.
The total consideration for the transaction was $218 million, which was financed
50% through borrowings under a bank loan facility provided by National Australia
Bank Limited and Barclays Bank PLC and 50% from cash on hand.
Enstar will operate the business largely as part of its property and casualty
legacy business, while working to ensure that Companion's policyholders continue
to receive excellent service. Certain business of Companion will be renewed
into Enstar's subsidiary, Torus National Insurance Company.
Enstar Group Limited and its operating subsidiaries acquire and manage
diversified insurance businesses through a network of service companies in
Bermuda, the United States, the United Kingdom, Continental Europe, Australia,
and other international locations. Enstar is a market leader in completing
legacy acquisitions, having acquired over 65 companies and portfolios since its
formation in 2001. Enstar's active underwriting businesses include the Atrium
group of companies, which manage and underwrite specialist insurance and
reinsurance business for Lloyd's Syndicate 609, and the Torus group of
companies, an A- rated global specialty insurance group with multiple global
underwriting platforms. For further information about Enstar, see
www.enstargroup.com.
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, 2013 and Form 10-Q for the three and six months
ended June 30, 2014, 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
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Enstar Group Limited via GlobeNewswire
[HUG#1889970]
Unternehmensinformation / Kurzprofil:
Datum: 28.01.2015 - 02:14 Uhr
Sprache: Deutsch
News-ID 367327
Anzahl Zeichen: 4100
contact information:
Town:
Hamilton
Kategorie:
Business News
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"Enstar Group Limited Completes Acquisition of Companion Property and Casualty Insurance Company"
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