Enstar Group Limited Completes Acquisition of Nationale Suisse Assurance S.A. from Helvetia Group
November 13 2015 - 5:05PM
HAMILTON, Bermuda, Nov. 13, 2015 (GLOBE NEWSWIRE)
-- 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
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
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