Enstar Group Limited Reports 2014 Year End Results
March 02 2015 - 4:30PM
Announces Expanded Revolving Credit Facility and Appointment of New
Director
HAMILTON, Bermuda, March 2, 2015 (GLOBE NEWSWIRE)
-- Enstar Group Limited (Nasdaq:ESGR) filed its annual report on
Form 10-K with the SEC earlier today, reporting its earnings and
financial position for the year ended December 31, 2014.
Enstar reported consolidated net earnings of
$213.7 million (or $11.44 per fully diluted share) for the year
ended December 31, 2014 compared to $208.6 million (or $12.49 per
fully diluted share) for the year ended December 31, 2013.
Enstar's shareholders' equity at December 31, 2014
amounted to $2,304.9 million (or $119.22 per fully diluted share),
which was up from $1,755.5 million (or $105.20 per fully diluted
share) at December 31, 2013. The Form 10-K, which is available on
Enstar's website, www.enstargroup.com, contains a more detailed
description of Enstar's business and financial results.
Enstar also announced today that it has amended
its revolving credit facility to increase borrowing capacity from
$500 million to $665 million. The amended facility adds Lloyd's
Bank plc to the existing lending syndicate of National Australia
Bank Limited, Barclays Bank PLC and Royal Bank of Canada.
In addition, Enstar appointed Rick Becker to its
Board of Directors on February 25, 2015. Mr. Becker, 68, is the
Chairman of Clarity Group, Inc., a U.S. national healthcare
professional liability and risk management organization which he
co-founded over 13 years ago. He has 35 years of experience within
the insurance and healthcare industries.
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, 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
(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#1898903
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