Enstar Announces Reinsurance of Approximately $0.1 Billion of Allianz's Legacy Business
December 29 2017 - 9:16AM
YASTEST
HAMILTON, Bermuda, Dec. 29, 2017
(GLOBE NEWSWIRE) -- 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
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