Enstar Group Limited Announces Closure of Transaction to Reinsure QBE Legacy Business
January 11 2017 - 6:58PM
HAMILTON, Bermuda, Jan. 11, 2017
(GLOBE NEWSWIRE) -- 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
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
Enstar (NASDAQ:ESGR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Enstar (NASDAQ:ESGR)
Historical Stock Chart
From Apr 2023 to Apr 2024