DGAP-News
Enstar Group Limited to Acquire Companion Property and Casualty Insurance Company
DGAP-News: Enstar Group Limited
Enstar Group Limited to Acquire Companion Property and Casualty
Insurance Company
26.08.2014 / 15:15
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HAMILTON, Bermuda, 2014-08-26 15:15 CEST (GLOBE NEWSWIRE) --
Enstar Group Limited (Nasdaq:ESGR) announced today that it has entered into a
definitive agreement to acquire Companion Property and Casualty Insurance
Company ('Companion') from Blue Cross and Blue Shield of South Carolina.
Companion is a South Carolina-based insurance group writing property, casualty,
specialty and workers compensation business, and has also provided fronting and
third party administrative services.
The total consideration for the transaction will be $218 million. Enstar
expects to finance the purchase price through a combination of cash on hand and
debt financing. Completion of the transaction is conditioned on, among other
things, governmental and regulatory approvals and satisfaction of various
customary closing conditions. The transaction is expected to close by the end
of the fourth quarter of 2014.
'We are pleased to announce our agreement to acquire Companion, which continues
the successful expansion of our property and casualty business in the U.S.'
said Dominic Silvester, Chief Executive Officer of Enstar.
Enstar expects to operate the business largely as part of its property and
casualty legacy business, while working with Companion to ensure that its
policyholders continue to receive excellent service. Enstar and its Torus
subsidiaries are assessing opportunities for policy renewals of certain
Companion business into Torus.
Enstar Group Limited and its operating subsidiaries acquire and manage
diversified insurance businesses through a network of service 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 60 companies and portfolios since its
formation in 2001. Enstar's active underwriting businesses include the Atrium
group of companies, which manage and underwrite specialist insurance and
reinsurance business for Lloyd's Syndicate 609, and the Torus group of
companies, an A- rated global specialty insurance group with multiple global
underwriting platforms. For further information about Enstar, see
www.enstargroup.com.
This 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 governmental and
regulatory approvals or to satisfy other closing conditions. Important risk
factors regarding Enstar may be found under the heading 'Risk Factors' in
Enstar's Form 10-K for the year ended December 31, 2013 and Form 10-Q for the
three and six months ended June 30, 2014, 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: Richard J. Harris
Telephone: (441) 292-3645
News Source: NASDAQ OMX
---------------------------------------------------------------------
26.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Enstar Group Limited
Bermuda
ISIN: BMG3075P1014
End of News DGAP News-Service
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283985 26.08.2014
Enstar Group Limited (Nasdaq:ESGR) announced today that it has entered into a
definitive agreement to acquire Companion Property and Casualty Insurance
Company ('Companion') from Blue Cross and Blue Shield of South Carolina.
Companion is a South Carolina-based insurance group writing property, casualty,
specialty and workers compensation business, and has also provided fronting and
third party administrative services.
The total consideration for the transaction will be $218 million. Enstar
expects to finance the purchase price through a combination of cash on hand and
debt financing. Completion of the transaction is conditioned on, among other
things, governmental and regulatory approvals and satisfaction of various
customary closing conditions. The transaction is expected to close by the end
of the fourth quarter of 2014.
'We are pleased to announce our agreement to acquire Companion, which continues
the successful expansion of our property and casualty business in the U.S.'
said Dominic Silvester, Chief Executive Officer of Enstar.
Enstar expects to operate the business largely as part of its property and
casualty legacy business, while working with Companion to ensure that its
policyholders continue to receive excellent service. Enstar and its Torus
subsidiaries are assessing opportunities for policy renewals of certain
Companion business into Torus.
Enstar Group Limited and its operating subsidiaries acquire and manage
diversified insurance businesses through a network of service 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 60 companies and portfolios since its
formation in 2001. Enstar's active underwriting businesses include the Atrium
group of companies, which manage and underwrite specialist insurance and
reinsurance business for Lloyd's Syndicate 609, and the Torus group of
companies, an A- rated global specialty insurance group with multiple global
underwriting platforms. For further information about Enstar, see
www.enstargroup.com.
This 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 governmental and
regulatory approvals or to satisfy other closing conditions. Important risk
factors regarding Enstar may be found under the heading 'Risk Factors' in
Enstar's Form 10-K for the year ended December 31, 2013 and Form 10-Q for the
three and six months ended June 30, 2014, 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: Richard J. Harris
Telephone: (441) 292-3645
News Source: NASDAQ OMX
---------------------------------------------------------------------
26.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Enstar Group Limited
Bermuda
ISIN: BMG3075P1014
End of News DGAP News-Service
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283985 26.08.2014
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