Enstar Announces Acquisition of Dana Companies
(Thomson Reuters ONE) -
HAMILTON, Bermuda, Dec. 30, 2016 (GLOBE NEWSWIRE) -- Enstar Group Limited
(NASDAQ:ESGR) announced today that Enstar Holdings (US) Inc. has acquired Dana
Companies, LLC ("Dana Companies") from Dana Incorporated ("Dana") for a total
purchase price of $91.5 million.
Dana is a world leader in the supply of highly engineered drivetrain, sealing,
and thermal-management technologies for vehicles. Dana Companies holds
liabilities associated with personal injury asbestos claims and environmental
claims arising from its legacy manufacturing operations. Dana Companies' assets
include, among others, insurance rights related to coverage against these
liabilities and marketable securities.
Enstar financed the transaction through a drawing under its revolving credit
facility.
Dominic Silvester, Enstar's Chief Executive Officer, said: "The Dana Companies
acquisition complements our core business of managing legacy liabilities and our
specific expertise in asbestos, and we are pleased to have worked with Dana to
provide an effective resolution to the asbestos liabilities arising from
historic operations. This is the first time Enstar has acquired a company
outside of the insurance industry, demonstrating our ability to deliver legacy
and capital release solutions to this broader market sector as we continue to
grow our business."
About Enstar
Enstar is a multi-faceted insurance group that offers innovative capital release
solutions and specialty underwriting capabilities through its network of group
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 75 companies and portfolios
since its formation in 2001. Enstar's active underwriting businesses include the
StarStone group of companies, an A- rated global specialty insurance group with
multiple global underwriting platforms, and the Atrium group of companies, which
manage and underwrite specialist insurance and reinsurance business for Lloyd's
Syndicate 609. For further information about Enstar, see www.enstargroup.com.
Cautionary Statement
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 can be found under the heading "Risk Factors" in Enstar's Form 10-K for
the year ended December 31, 2015 and Form 10-Q for the quarterly period ended
September 30, 2016, 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: Mark Smith
Telephone: +1 (441) 292-3645
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Enstar Group Limited via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 30.12.2016 - 23:15 Uhr
Sprache: Deutsch
News-ID 515331
Anzahl Zeichen: 4252
contact information:
Town:
Hamilton
Kategorie:
Business News
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"Enstar Announces Acquisition of Dana Companies"
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