Enstar Completes the Acquisition of Maiden’s North American Diversified Reinsurance Business
December 27 2018 - 5:03PM
Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today that
one of its wholly-owned subsidiaries completed a previously
announced transaction to acquire Maiden Reinsurance North America,
Inc. (“Maiden Re North America”) from a subsidiary of Maiden
Holdings, Ltd. Maiden Re North America is a diversified insurance
company domiciled in Missouri that provides property and casualty
treaty reinsurance, casualty facultative reinsurance and accident
and health treaty reinsurance. As previously disclosed, the
transaction included novation and retrocession agreements pursuant
to which the Company's subsidiary, Cavello Bay Reinsurance Limited,
assumed certain Maiden Reinsurance Ltd. business in exchange for a
ceding commission.
The net consideration paid in the transactions was $272.4
million, which represents the adjusted purchase price less the
ceding commission. At closing, Enstar assumed approximately $1.3
billion of net loss and loss adjustment expense reserves and
unearned premium reserves.
About Enstar
Enstar is a multi-faceted insurance group, with over $15.1
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.
Contact: Guy BowkerTelephone: +1 (441) 292-3645
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