Enstar and Torus to Acquire Belgian Insurance Operations From Nationale Suisse
February 05 2015 - 4:15PM
HAMILTON, Bermuda, Feb. 5, 2015 (GLOBE NEWSWIRE)
-- Enstar Group Limited (Nasdaq:ESGR) announced that today it has
entered into a definitive agreement with Nationale Suisse to
acquire its subsidiary, Nationale Suisse Assurance S.A. ("NAB").
NAB is a Belgium-based insurance company writing non-life specialty
insurance and life insurance.
As part of the transaction, Enstar subsidiary
Torus Insurance Holdings Limited will acquire NAB's two
underwriting agencies, Vander Haeghen & C° and
Arena. Vander Haeghen & C° specializes in luxury car and
other specialist insurance products and Arena is a leading sports
club insurance agency. In addition, Torus' A.M. Best A- rated
European insurance platform will acquire the right to renew certain
business currently underwritten by NAB, including the business
placed by Vander Haeghen & C° and Arena, as well as other
select lines. In connection with the transfer of certain of
NAB's renewal business to Torus, NAB will be placed into an orderly
run-off.
The total consideration for the transaction will
be €33.7 million (approximately $38.5 million), which Enstar
expects to finance from cash on hand. The seller, Nationale
Suisse, has been part of the Helvetia Group since October 2014.
The transaction is part of its planned withdrawal from the
Belgian market.
Completion of the transaction is conditioned on,
among other things, regulatory approvals and satisfaction of
various closing conditions. The transaction is expected to
close during the second quarter of 2015.
About Enstar
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. For further information about Enstar, see
www.enstargroup.com.
About Torus
Torus Insurance Holdings Limited is an
international, A- rated insurance group with six wholly owned
insurance platforms, including Lloyd's Syndicate 1301. Torus
underwrites business across the Property, Specialty and Casualty
risk classes from operations in London, Continental Europe and the
US. Torus is owned by Enstar, together with the Trident V funds
managed by Stone Point Capital LLC and Dowling Capital Partners I,
L.P. For further information about Torus, see www.torus.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, Torus and their respective management
teams. 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. In particular, Enstar and Torus may not be able to
complete the proposed transaction on the terms summarized above or
other acceptable terms, or at all, due to a number of factors,
including but not limited to the failure to obtain governmental and
regulatory approvals or to satisfy other closing conditions.
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 and Torus undertake 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
(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#1892368
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