Enstar Group Limited Announces Reinsurance of £957 Million of RSA's Legacy U.K. Employer's Liability Business
(Thomson Reuters ONE) -
HAMILTON, Bermuda, Feb. 07, 2017 (GLOBE NEWSWIRE) -- Enstar Group Limited
(Nasdaq:ESGR) announced today that one of its wholly owned subsidiaries has
signed an agreement to reinsure RSA Insurance Group PLC's ("RSA") U.K.
employers' liability legacy business.
Enstar's subsidiary will assume gross insurance reserves of approximately £957
million (approximately $1.2 billion), relating to 2005 and prior year business,
which primarily consists of U.K. employers' liability reserves. Net insurance
reserves are approximately £834 million (approximately $1.0 billion) and the
reinsurance premium payable to Enstar's subsidiary is £799 million. The
transaction is subject to finalizing and effecting certain security
arrangements.
Following the initial reinsurance, which will transfer the economics of the
portfolio up to the policy's limits, the parties will pursue a portfolio
transfer of this business under Part VII of the Financial Services and Markets
Act 2000, which would provide legal finality for RSA's obligations. The
transfer is subject to court, regulatory and other approvals.
Commenting on the transaction, Dominic Silvester, Enstar's Chief Executive
Officer, said, "RSA's sizable portfolio is an attractive opportunity for Enstar
that substantially expands our presence in the U.K. employers' liability area, a
market that has seen a great deal of activity recently. We welcome the
opportunity to partner with RSA, a leading multinational insurance firm, in
structuring and executing a transaction for this large legacy portfolio."
About Enstar Group
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, and has over $12 billion in total assets. 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: 08.02.2017 - 01:01 Uhr
Sprache: Deutsch
News-ID 522618
Anzahl Zeichen: 4513
contact information:
Town:
Hamilton
Kategorie:
Business News
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"Enstar Group Limited Announces Reinsurance of £957 Million of RSA's Legacy U.K. Employer's Liability Business"
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