Canada Pension Plan Investment Board to Acquire Stake in Enstar from First Reserve

HAMILTON, Bermuda, May 29, 2015 (GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar") (Nasdaq:ESGR) announced today that Canada Pension Plan Investment Board ("CPPIB") has entered into an agreement to acquire approximately 1.9 million voting and non-voting ordinary shares of Enstar from private equity firm First Reserve. The shares represent an economic ownership interest in Enstar of approximately 9.9%. The transaction is expected to be completed next week. Dominic Silvester, Enstar's Chief Executive Officer, said, "We are gratified by CPPIB's interest in Enstar and are pleased that they have pursued the acquisition of a significant stake in our company. We have known the team at CPPIB for several years and have tremendous respect for their organization. I believe that they will be a valuable partner for Enstar, and we look forward to a long and productive relationship together." In connection with the transaction, CPPIB will be granted contractual shareholder rights, including a board representation right, that are substantially the same as those rights currently held by First Reserve, and First Reserve will waive or terminate its existing contractual shareholder rights, including its board representation right. Ken Moore, Managing Director of First Reserve and a member of Enstar's board of directors, will step down from Enstar's board upon completion of the transaction. Enstar expects to appoint a new director affiliated with CPPIB at a future time. About Canada Pension Plan Investment Board CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2015, the CPP Fund totaled $264.6 billion. For more information about CPPIB, please visit www.cppib.com.