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Enstar Group Limited: Enstar Group Limited Announces Reinsurance and Administration Transaction With Sun Life

HAMILTON, Bermuda, Oct. 1, 2015 (GLOBE NEWSWIRE) -- Enstar Group Limited
("Enstar") (Nasdaq:ESGR) announced today that on September 30, 2015, it,
through wholly owned subsidiaries, entered into two 100% reinsurance
agreements with Sun Life Assurance Company of Canada and its U.S. Branch,
respectively (together, "Sun Life"), and a related administration agreement.
In the transaction, an Enstar subsidiary has reinsured all of the run-off
workers compensation carve-out and occupational accident business of Sun

Enstar has assumed total net discounted reinsurance reserves and payable
balances of approximately $139.4 million in the transaction. Enstar has
provided limited parental guarantees supporting certain obligations of its
subsidiaries. The amount of the guarantees will increase or decrease over
time under certain circumstances, but will always be subject to an overall
maximum cap of approximately $36.8 million with respect to the reinsurance

Dominic Silvester, Enstar's Chief Executive Officer, said, "We have continued
to add U.S. legacy reserves, including to our large portfolio of workers
compensation business. We know this particular block of business extremely
well, having managed it on behalf of Sun Life since 1999, and are pleased to
have partnered with them to complete this transaction."

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 65 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 StarStone group of companies, an A- rated global specialty insurance
group with multiple global underwriting platforms. For further information
about Enstar,

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 may 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
fiscal quarter 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
(441) 292-3645


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Enstar Group Limited via Globenewswire


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