Enstar Group Limited Completes Acquisition of Companion Property and Casualty Insurance Company
January 27 2015 - 8:14PM
HAMILTON, Bermuda, Jan. 28, 2015 (GLOBE NEWSWIRE)
-- Enstar Group Limited (Nasdaq:ESGR) announced that today one of
its wholly owned subsidiaries completed the previously announced
acquisition of Companion Property and Casualty Insurance Company
("Companion") from Blue Cross and Blue Shield of South Carolina.
Companion is a South Carolina-based insurance group writing
property, casualty, specialty and workers compensation business,
and has also provided fronting and third party administrative
services. Companion's statutory financial statements as of
September 30, 2014 reported its total assets as $1,119.6 million
and total liabilities of $877.2 million.
The total consideration for the transaction was
$218 million, which was financed 50% through borrowings under a
bank loan facility provided by National Australia Bank Limited and
Barclays Bank PLC and 50% from cash on hand.
Enstar will operate the business largely as part
of its property and casualty legacy business, while working to
ensure that Companion's policyholders continue to receive excellent
service. Certain business of Companion will be renewed into
Enstar's subsidiary, Torus National Insurance Company.
Enstar Group Limited and its operating
subsidiaries acquire and manage diversified insurance businesses
through a network of service 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 65 companies
and portfolios since its formation in 2001. Enstar's active
underwriting businesses include the Atrium group of companies,
which manage and underwrite specialist insurance and reinsurance
business for Lloyd's Syndicate 609, and the Torus group of
companies, an A- rated global specialty insurance group with
multiple global underwriting platforms. For further information
about Enstar, see www.enstargroup.com.
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 may be found under the heading "Risk
Factors" in Enstar's Form 10-K for the year ended December 31, 2013
and Form 10-Q for the three and six months ended June 30, 2014, 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: Richard J. Harris
Telephone: (441) 292-3645
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1889970
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