Enstar Group Limited Announces Closure of Transaction to Reinsure QBE Legacy Business
January 11 2017 - 6:33PM
Enstar Group Limited (NASDAQ:ESGR) announced today that one of its
wholly owned subsidiaries completed a previously announced
transaction to reinsure multi-line property and casualty business
of QBE Insurance Group Limited. The closing followed receipt of
regulatory approval and satisfaction of closing conditions.
As previously disclosed, the portfolio primarily includes
workers’ compensation, construction defect, and general liability
discontinued lines of business.
Enstar’s subsidiary has also pledged a portion of the premium as
collateral to a subsidiary of QBE and has also provided additional
collateral and a limited parental guarantee. A subsidiary of Enstar
provides administrative services on the reinsured portfolio.
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
Enstar (NASDAQ:ESGR)
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