Enstar Reinsures £840 Million Portfolio of Novae Legacy Business
January 29 2018 - 7:00AM
YASTEST
HAMILTON, Bermuda, Jan. 29, 2018
(GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq:ESGR) announced
today that its Lloyd's managing agency, StarStone Underwriting
Limited, has finalized a reinsurance-to-close transaction with AXIS
Managing Agency Limited ("AXIS") under which Enstar's Syndicate
2008 will reinsure to close the 2015 and prior underwriting years
of account of Novae Syndicate 2007.
Enstar will assume net reinsurance reserves of
approximately £600 million (approximately $811 million) relating to
the portfolio and gross reserves of approximately £840 million
(approximately $1,136 million) effective January 1, 2018.
Commenting on the transaction, Dominic Silvester,
Enstar's Chief Executive Officer, said:
"As one of several reinsurance-to-close
transactions undertaken by Enstar recently - one of the largest
transactions of its type in recent years - the Novae deal
underlines Enstar's capability as a leading reinsurance-to-close
provider. By working closely with the Novae and AXIS teams, we were
able to complete this significant transaction, highlighting our
ability to efficiently enable our partners to restructure their
liabilities, improve their capital position and strengthen their
businesses."
About Enstar
Enstar is a multi-faceted insurance group, with
over $14 billion in assets, which 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 |
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
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