Enstar Reinsures £840 Million Portfolio of Novae Legacy Business
January 29 2018 - 7:00AM
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 |
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