Enstar Completes the Transfer of Certain Run-Off Portfolios From Great Lakes and HSB Engineering Insurance Australian Branche...
July 01 2020 - 4:28PM
Enstar Group Limited (NASDAQ: ESGR) announced today that one of its
wholly-owned subsidiaries has completed a transaction with Great
Lakes Insurance SE and HSB Engineering Insurance Limited, both
subsidiaries of Munich Re, pursuant to which Enstar’s subsidiary
has acquired certain portfolios from their Australian branches.
In the transaction, Enstar’s subsidiary received total assets of
approximately AUD$228.2 million (approximately $156.2
million), subject to a final roll-forward adjustment, for assuming
the associated net reserves, which primarily relate to long tail
insurance business.
Completion of the transaction followed receipt
of regulatory and federal court of Australia approvals and
satisfaction of various other closing conditions.
About Enstar
Enstar is a multi-faceted insurance group 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 100 companies
and portfolios since its formation in 2001. Enstar Group includes
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 StatementThis 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,
including the evolving COVID-19 pandemic and the related
uncertainty and volatility in the financial markets. Important risk
factors regarding Enstar can be found under the heading "Risk
Factors" in our Form 10-K for the year ended December 31, 2019 and
in our Form 10-Q for the three months ended March 31, 2020 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: Enstar
Communications Telephone: +1 (441)
292-3645
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