Enstar Announces Acquisition of BorgWarner Morse TEC
October 30 2019 - 8:36AM
Enstar Group Limited (NASDAQ: ESGR) announced today that Enstar
Holdings (US) LLC has acquired BorgWarner Morse TEC, LLC ("Morse
TEC") from BorgWarner Inc ("BorgWarner").
BorgWarner is a global product leader in clean
and efficient technology solutions for combustion, hybrid and
electric vehicles. Morse TEC holds approximately $0.8 billion
liabilities associated with personal injury asbestos claims and
environmental claims arising from BorgWarner’s legacy manufacturing
operations. Morse TEC's assets include, among others, insurance
rights related to coverage against these liabilities and cash and
marketable securities.
Dominic Silvester, Enstar's Chief Executive
Officer, said:
"Enstar continues to provide market-leading
legacy solutions for large corporates and their historic
liabilities. This is our second acquisition of a non-insurance
company and we see a growing potential market here as we expand our
business."
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.
Contact: |
Guy Bowker |
Telephone: |
+1 (441) 292-3645 |
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