Enstar Group Limited Announces Reinsurance of $420 Million of Liberty Mutual Insurance Europe SE’S Legacy Business
December 07 2020 - 8:00AM
Enstar Group Limited (NASDAQ: ESGR) announced today that one of its
wholly-owned subsidiaries has signed an agreement with Liberty
Mutual Insurance Europe SE (LMIE) to reinsure a number of US energy
liability, US construction liability and US homebuilders liability
insurance portfolios that were previously written out of LMIE’s
London branch.
In the transaction, Enstar’s subsidiary will
assume gross insurance reserves of approximately $420 million,
relating to 2019 and prior year business.
The closing of the transaction is subject to
regulatory approval and other closing conditions.
About EnstarEnstar is a
NASDAQ-listed leading global insurance group that offers innovative
capital release solutions through its network of group companies in
Bermuda, the United States, the United Kingdom, Continental Europe,
Australia, and other international locations. A market leader in
completing legacy acquisitions, Enstar has acquired over 100
companies and portfolios since its formation in 2001. 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. 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 regulatory approvals or to satisfy
other closing conditions. In addition, the evolving COVID-19
pandemic has caused significant economic and financial turmoil
globally, as well as uncertainty and volatility in the financial
markets. Due to the global uncertainty, we are unable to predict
the longer-term effects of the pandemic on our business at this
time. 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, 2019 and in Enstar’s Form 10-Q for the three and nine
months ended September 30, 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: |
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+1 (441) 292-3645 |
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