DGAP-News
Enstar Group Limited to Acquire Atrium Underwriting Group and Arden Reinsurance
Enstar Group Limited
05.06.2013 14:45
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HAMILTON, Bermuda, 2013-06-05 14:45 CEST (GLOBE NEWSWIRE) --
Enstar Group Limited (Nasdaq:ESGR) announced today that it has entered into
definitive agreements with Arden Holdings Limited under which Enstar will
acquire Atrium Underwriting Group Limited and Arden Reinsurance Company
Limited. Atrium is an underwriting business at Lloyd's of London, which manages
Syndicate 609 and provides approximately one quarter of the syndicate's
capital. Atrium specializes in accident and health, aviation, marine property,
non-marine property, professional liability, property and casualty binding
authorities, reinsurance, upstream energy, war and terrorism insurance, cargo
and fine art. Arden Reinsurance is a Bermuda-based reinsurance company that
provides reinsurance to Atrium and is currently in the process of running off
certain other discontinued businesses.
The purchase price for Atrium will be approximately $183.0 million and the
purchase price for Arden Reinsurance will be approximately $79.6 million.
Completion of each transaction is conditioned on, among other things,
governmental and regulatory approvals and satisfaction of various customary
closing conditions. The two transactions are governed by separate purchase
agreements and the acquisition of each company is not conditioned on the
acquisition of the other. Both transactions are expected to close by the end of
the fourth quarter of 2013.
Dominic Silvester, Enstar's Chief Executive Officer, said, 'The acquisition of
Atrium's 'live' underwriting platform will represent a further evolution of
Enstar's business. Our core focus remains on acquiring insurance and
reinsurance companies that are in run-off, however we believe Atrium will
provide us with a high quality operation at Lloyd's that includes a skilled
underwriting and management team that will help create new opportunities for us
to grow and prosper.'
Steve Cook, Chief Executive Officer of Atrium, said, 'We are delighted to be
able to play a key role in Enstar's strategic expansion into the 'live'
underwriting environment. Atrium intends to continue its existing strategy and
plans under Enstar's ownership whilst evaluating opportunities that may arise
from Enstar's future acquisitions. Atrium believes it has found a culturally
compatible and financially secure strategic owner.'
Enstar, a Bermuda company, acquires and manages insurance and reinsurance
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