Enstar Group Limited Announces Transfer of Certain Run-Off Portfolios From Great Lakes and HSB Engineering Insurance Australi...
September 10 2019 - 6:46AM
Enstar Group Limited (NASDAQ: ESGR) announced today that one of its
wholly-owned subsidiaries has signed an agreement with subsidiaries
of Munich Re to acquire certain portfolios from their Australian
branches of Great Lakes Insurance and HSB Engineering Insurance,
primarily of long tail insurance business.
In the transaction, which is subject to
regulatory and Federal Court of Australia approval, Enstar's
subsidiary will receive total assets of approximately AUD$228.2
million (approximately $156.2 million) for assuming the associated
net insurance reserves.
The parties will pursue a portfolio transfer of
the insurance business under Division 3A of Part III of Australia’s
Insurance Act 1973 (Cth), which would provide legal finality for
Munich Re.
About Enstar
Enstar is a multi-faceted insurance group, with
approximately $18.2 billion in assets, that offers innovative
capital release solutions and specialty underwriting capabilities
through its network of group 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 95 companies
and portfolios since its formation in 2001. Enstar’s active
underwriting businesses include the StarStone group of companies,
an A- rated global specialty insurance group with multiple global
underwriting platforms, and the Atrium group of companies, which
manage and underwrite specialist insurance and reinsurance business
for Lloyd’s Syndicate 609. For further information about Enstar,
see www.enstargroup.com.
Cautionary Statement
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. In particular, Enstar 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,
regulatory and court approvals or to satisfy other closing
conditions. Important risk factors regarding Enstar can be found
under the heading “Risk Factors” in Enstar’s Form 10-K for the year
ended December 31, 2018, 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: Guy
BowkerTelephone: +1 (441) 292-3645
Enstar (NASDAQ:ESGR)
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