DGAP-News

Enstar Group Limited and Stone Point Capital Announce Completion of Torus Insurance Holdings Limited Acquisition

DGAP-News: Enstar Group Limited /
Enstar Group Limited and Stone Point Capital Announce Completion of
Torus Insurance Holdings Limited Acquisition

01.04.2014 / 15:31

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HAMILTON, Bermuda, 2014-04-01 15:31 CEST (GLOBE NEWSWIRE) --
Enstar Group Limited ('Enstar') (Nasdaq:ESGR) and Stone Point Capital LLC
('Stone Point') announced today that they had completed the previously
announced acquisition of Torus Insurance Holdings Limited ('Torus'). Torus is
an A- rated global specialty insurer with six wholly owned insurance vehicles,
including Lloyd's Syndicate 1301.

The purchasing entity is indirectly owned 60% by an Enstar subsidiary and 40%
by Trident V, L.P. and its affiliated co-investment funds (the 'Trident V
funds'), which are managed by Stone Point. Enstar contributed approximately
$45.2 million in cash and 1,898,326 of its ordinary voting shares and 714,015
newly created non-voting preferred shares towards the purchase price and
related transaction expenses, with the Trident V funds contributing
approximately $260.8 million in cash through their equity co-investment.

Dominic Silvester, Enstar's Chief Executive Officer, said, 'I am very pleased
to welcome the Torus team to Enstar as we announce the closing of this
transaction. We are working closely with Torus and Stone Point to ensure a
seamless transition for Torus' client and broker partners worldwide. With our
active underwriting operations complementing our core legacy business, we also
look forward to many new opportunities in Enstar's future.'

'Stone Point has had a long and successful partnership with Enstar and its
senior management team,' said Charles A. Davis, Stone Point's Chief Executive
Officer. 'Following on the recent acquisitions by Enstar and the Trident V
funds of Atrium Underwriting Group and Arden Reinsurance Company, we again are
excited to partner with Enstar in an active underwriting business.'

Private equity firms First Reserve and Corsair Capital, which were Torus'
largest shareholders, received both Enstar shares and cash consideration in the
transaction, with the remaining Torus shareholders receiving all cash. As a
result of the closing, affiliates of First Reserve now own an approximately
11.5% economic interest in Enstar and hold 9.5% of Enstar's outstanding voting
shares. In connection with the closing and pursuant to First Reserve's
contractual rights, Kenneth W. Moore became a member of Enstar's Board of
Directors, effective immediately. Mr. Moore is a Managing Director of First