Enstar Group Limited Announces Closure of Transaction to Sell Pavonia Life Business
December 29 2017 - 9:13AM
Enstar Group Limited (Nasdaq:ESGR) announced today that it has
completed a previously disclosed transaction to sell its
subsidiary, Pavonia Holdings (US), Inc. ("Pavonia"), for a total
purchase price of $120 million to an affiliate of Global Bankers
Insurance Group, LLC.
Enstar originally acquired the Pavonia business from HSBC
Finance in 2013.
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.
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 BowkerTelephone: +1 (441) 292-3645
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