Enstar Group Limited Completes Acquisition of Nationale Suisse Assurance S.A. from Helvetia Group
November 13 2015 - 4:30PM
Enstar Group Limited (“Enstar”) (Nasdaq:ESGR) announced today that
one of its wholly owned subsidiaries completed the previously
announced acquisition of Nationale Suisse Assurance S.A.
(“Nationale Suisse”) from Helvetia Group. Nationale Suisse is
a Belgium-based insurance company writing non-life and life
insurance business. Upon the completion of the acquisition,
Nationale Suisse has been renamed Alpha Insurance S.A.
As part of the transaction, an Enstar subsidiary within the
StarStone Group acquired Nationale Suisse’s two underwriting
agencies, Vander Haeghen & Co and Arena. Vander Haeghen
& Co specializes in luxury car and other specialist insurance
products and Arena is a leading sports club insurance
agency.
Enstar will operate Nationale Suisse as part of its legacy
businesses, while working to ensure policyholders continue to
receive excellent service.
StarStone’s A.M. Best A- rated European insurance platform has
been renewing certain lines of business previously underwritten by
Nationale Suisse, including the business placed by Vander Haeghen
& Co and Arena.
The total consideration for the transaction is expected to be
€39.7 million (approximately US$44.4 million) after post-closing
adjustments.
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 70 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 StarStone 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, 2014 and Form 10-Q for the quarterly
period ended June 30, 2015, 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: (441) 292-3645
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