Enstar Announces Reinsurance of Approximately $0.1 Billion of Allianz’s Legacy Business
December 29 2017 - 9:07AM
Enstar Group Limited (Nasdaq:ESGR) announced today that one of its
wholly-owned subsidiaries has entered into an agreement to reinsure
a portfolio of Allianz SE’s run-off business effective December 31,
2017.
Enstar's subsidiary will assume net reinsurance reserves of
approximately $0.1 billion by reinsuring 50% of certain U.S.
workers' compensation and asbestos, pollution and toxic tort
business originally assumed by San Francisco Reinsurance Company.
Enstar will also provide consulting services with respect to the
entire $0.2 billion portfolio.
Commenting on the transaction, Dominic Silvester, Enstar's Chief
Executive Officer, said:
"In 2016, we partnered with Allianz SE to provide reinsurance
solutions for legacy portfolios. We are pleased to continue
building our relationship with Allianz SE by entering into another
transaction that aligns with our core competencies and growth
strategy."
About Enstar
Enstar is a multi-faceted insurance group, with over $14 billion
in assets, 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 80 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, 2016 and in Enstar’s Form 10-Q for the nine months
ended September 30, 2017, 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:
Guy Bowker+1 (441) 292-3645
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