Enstar Announces Closing of Neon RITC Transaction
February 16 2018 - 5:15PM
HAMILTON, Bermuda, Feb. 16, 2018
(GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ:ESGR) announced
today that its Lloyd's managing agency, StarStone Underwriting
Limited, has finalized the previously disclosed
reinsurance-to-close transaction with Neon Underwriting Limited
("Neon") for Enstar's Syndicate 2008 to assume the liabilities of
the 2015 underwriting year of Neon's Syndicate 2468 (comprising
underwriting years 2008 to 2015).
The closing followed receipt of Lloyd's approval
and satisfaction of closing conditions. In the transaction, Enstar
assumed net reinsurance reserves of £337.8 million
(approximately $456.4 million) relating to the portfolio and
gross reserves of £402.2 million (approximately $543.4
million).
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
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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