Bli medlem
Bli medlem

Du är här

2016-02-18

Enstar Group Limited Announces Reinsurance of $1.1 Billion of Allianz’s Legacy U.S. Business

Enstar Group Limited
Press release

Enstar Group Limited Announces Reinsurance of $1.1 Billion of Allianz?s Legacy
U.S. Business

HAMILTON, Bermuda, 2016-02-17 22:31 CET (GLOBE NEWSWIRE) --
Enstar Group Limited (Nasdaq:ESGR) announced today that one of its wholly owned
subsidiaries has entered into an agreement to reinsure portfolios of Allianz
Re?s U.S. run-off business.

Enstar?s subsidiary will assume net reinsurance reserves of approximately $1.1
billion, by reinsuring 50% of certain workers? compensation, construction
defect, and asbestos, pollution and toxic tort business originally held by
Fireman?s Fund Insurance Company. Enstar will also provide consulting services
with respect to the entire $2.2 billion portfolio, including Allianz Re?s
retained 50% share.

Under the reinsurance transaction (which is subject to final regulatory
approval), Enstar will transfer approximately $110 million to a reinsurance
collateral trust and will also offer a limited parental guarantee. The combined
monetary total of the support offered by Enstar will initially be capped at
$270 million.

Commenting on the transaction, Dominic Silvester, Enstar's Chief Executive
Officer, said:

?Implementing a reinsurance transaction of this complexity and magnitude for
Allianz, a global industry leader, demonstrates clearly the scope and scale of
the solutions that Enstar can provide.

We welcome the opportunity to continue to work with Allianz, and we appreciate
the trust and confidence Allianz has placed in Enstar to structure, manage and
advise on this sizeable transaction.?

About Enstar

Enstar Group Limited and its operating subsidiaries acquire, reinsure, 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 70 companies and
portfolios since its formation in 2001. Enstar?s active underwriting businesses
include the StarStone group of companies, an A- rated global specialty
insurance group with multiple global underwriting platforms, and the Atrium
group of companies, which manage and underwrite specialist insurance and
reinsurance business for Lloyd?s Syndicate 609. For further information about
Enstar, see www.enstargroup.com.

Cautionary Statement

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. 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, 2014 and Form 10-Q for the
quarterly period ended June 30, 2015, 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: Mark Smith
Telephone: +1 (441) 292-3645

Författare SSE

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.