Enstar Announces Acquisition of Dana Companies
December 30 2016 - 5:00PM
Enstar Group Limited (NASDAQ:ESGR) announced today that Enstar
Holdings (US) Inc. has acquired Dana Companies, LLC (“Dana
Companies”) from Dana Incorporated (“Dana”) for a total purchase
price of $91.5 million.
Dana is a world leader in the supply of highly engineered
drivetrain, sealing, and thermal-management technologies for
vehicles. Dana Companies holds liabilities associated with
personal injury asbestos claims and environmental claims arising
from its legacy manufacturing operations. Dana Companies’
assets include, among others, insurance rights related to coverage
against these liabilities and marketable securities.
Enstar financed the transaction through a drawing under its
revolving credit facility.
Dominic Silvester, Enstar’s Chief Executive Officer, said: “The
Dana Companies acquisition complements our core business of
managing legacy liabilities and our specific expertise in asbestos,
and we are pleased to have worked with Dana to provide an effective
resolution to the asbestos liabilities arising from historic
operations. This is the first time Enstar has acquired a
company outside of the insurance industry, demonstrating our
ability to deliver legacy and capital release solutions to this
broader market sector as we continue to grow our business.”
About Enstar
Enstar is a multi-faceted insurance group 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 75 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, 2015 and Form 10-Q for the quarterly period ended
September 30, 2016, 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: Mark Smith
Telephone: +1 (441) 292-3645
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