Enstar Group Limited Reports First Quarter Results, Announces CFO Transition and Appoints New Director
May 11 2015 - 4:23PM
Enstar Group Limited (Nasdaq:ESGR) today reported first quarter
results and announced a Chief Financial Officer transition and the
appointment of a new member of its Board of Directors.
First Quarter Results
Enstar filed its quarterly report on Form 10-Q with the SEC
earlier today, reporting its earnings and financial position for
the three months ended March 31, 2015. Enstar reported consolidated
net earnings of $44.8 million (or $2.32 per fully diluted share)
for the three months ended March 31, 2015 compared to $29.6 million
(or $1.77 per fully diluted share) for the three months ended March
31, 2014.
Enstar's shareholders' equity at March 31, 2015 amounted to
$2,334.2 million (or $120.64 per fully diluted share), as compared
to $2,304.9 million (or $119.22 per fully diluted share) at
December 31, 2014. The Form 10-Q, which is available on Enstar's
website, www.enstargroup.com, contains a more detailed description
of Enstar's business and financial results.
CFO Transition
Enstar announced that Richard Harris informed the company of his
intention to step aside from his role as Chief Financial Officer on
August 15, 2015. Mark Smith will join the company as its new
Chief Financial Officer on that date. Mr. Harris' decision is
for personal reasons and he will remain with the Company for an
extended period to facilitate a smooth transition of his
responsibilities to Mr. Smith.
"Richard has been a key member of our executive leadership team
since 2003 and we have an overwhelming amount of respect for him
and his accomplishments," said Dominic Silvester, Chief Executive
Officer of Enstar. "He has been an invaluable partner to me,
and his passion, integrity and stewardship of our financial
strength has been integral to our success during his tenure. I
am pleased that Richard will remain with Enstar to support the
business and Mark as we transition."
Mr. Smith has been a Partner at Deloitte & Touche, Bermuda
since 1988 in Deloitte's accounting and auditing services
group. He has had a distinguished public accounting career
specializing in the insurance industry. Mr. Smith currently
serves as the head of Deloitte's financial advisory practice and as
chairman of the Insurance Advisory Committee, a Bermuda statutory
committee that provides advice on insurance regulatory matters.
Mr. Silvester said, "I am very pleased that Mark will be joining
us as Chief Financial Officer. I have worked closely with Mark
over many years, and he is very familiar with our company and our
leadership team. He has significant financial and public
accounting expertise, a depth of industry knowledge, and proven
leadership abilities. I am confident he will be a tremendous
asset and strategic partner as we continue to grow our business on
a global scale."
Richard Harris said, "During my 12 years with Enstar it has been
extremely gratifying to assist with the company's significant
growth and development. I believe that with the company in a
very strong financial position, now is a good time to hand over the
financial reins, which will allow me to spend more time with my
family and eventually pursue other opportunities."
Independent Director Appointment
Enstar also announced that it appointed Hitesh Patel to its
Board of Directors on May 6, 2015. Mr. Patel, 54, served as
Chief Executive Officer of Lucida, plc, a U.K. life insurance
company, from 2012 to 2013, and prior to that as its Finance
Director and Chief Investment Officer since 2007. He is
currently a non-executive director of Aviva Life Holdings UK
Ltd. Mr. Patel has over 30 years of experience working in the
insurance industry, having served in the United Kingdom as KPMG
LLP's Lead Partner on Insurance Accounting and Regulatory Services
from 2000 to 2007.
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, an A-
rated global specialty insurance group with multiple global
underwriting platforms. For further information about Enstar, see
www.enstargroup.com.
Cautionary Statement Regarding Forward-Looking
Statements
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,
including with respect to management transition planning and the
company's financial strength, growth plans and strategic
objectives. 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 Harris
Telephone: (441) 292-3645
Enstar (NASDAQ:ESGR)
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