Enstar Group Limited Reports First Quarter 2018 Results
May 08 2018 - 8:35AM
HAMILTON, Bermuda, May 08, 2018
(GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq:ESGR) filed its
quarterly report on Form 10-Q with the SEC today, reporting its
earnings and financial position for the three months ended
March 31, 2018.
Enstar reported consolidated net losses of $41.2
million (or $2.12 per fully diluted share of losses) for the three
months ended March 31, 2018 compared to net earnings of $54.7
million (or $2.80 per fully diluted share) for the three months
ended March 31, 2017.
The results for the three months ended March 31,
2018 included net unrealized losses of $100.3 million on fixed
maturities investments, which are accounted for on a trading basis.
Many insurance companies predominantly use available-for-sale
accounting where unrealized amounts are recorded directly to
shareholders' equity and therefore do not impact earnings.
Unrealized amounts would only become realized in the event of a
sale of the specific securities prior to maturity or a credit
default.
Enstar's shareholders' equity at March 31,
2018 amounted to $3,100 million (or $157.06 per fully diluted
share), a slight decrease from $3,136.7 million (or $159.19 per
fully diluted share) as at December 31, 2017. The Form 10-Q, which
is available on Enstar's website, www.enstargroup.com,
contains a more detailed description of Enstar's business and
financial results.
About Enstar
Enstar is a multi-faceted insurance group, with
over $15.6 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, 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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