Enstar Group Limited Announces Reinsurance of $420 Million of Liberty Mutual Insurance Europe SE’S Legacy Business
Enstar Group Limited (NASDAQ: ESGR) announced a reinsurance agreement with Liberty Mutual Insurance Europe SE to assume approximately $420 million in gross insurance reserves from US energy, construction, and homebuilders liability portfolios. This agreement pertains to business written before 2019. The transaction's closing is pending regulatory approval and other conditions. Enstar continues to be a leader in providing innovative capital release solutions and has acquired over 100 companies since its inception in 2001.
- Agreement to reinsure approximately $420 million in gross insurance reserves.
- Continued leadership in innovative capital release solutions through strategic acquisitions.
- Closing depends on regulatory approvals and other conditions, which may delay the transaction.
- Uncertainty due to the ongoing COVID-19 pandemic affecting business outlook.
HAMILTON, Bermuda, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly-owned subsidiaries has signed an agreement with Liberty Mutual Insurance Europe SE (LMIE) to reinsure a number of US energy liability, US construction liability and US homebuilders liability insurance portfolios that were previously written out of LMIE’s London branch.
In the transaction, Enstar’s subsidiary will assume gross insurance reserves of approximately
The closing of the transaction is subject to regulatory approval and other closing conditions.
About Enstar
Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 100 companies and portfolios since its formation in 2001. 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. 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 regulatory approvals or to satisfy other closing conditions. In addition, the evolving COVID-19 pandemic has caused significant economic and financial turmoil globally, as well as uncertainty and volatility in the financial markets. Due to the global uncertainty, we are unable to predict the longer-term effects of the pandemic on our business at this time. 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, 2019 and in Enstar’s Form 10-Q for the three and nine months ended September 30, 2020 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: | Enstar Communications | |
| Telephone: | +1 (441) 292-3645 |
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