Enstar Group Limited Completes Acquisition of Companion Property and Casualty Insurance Company
January 27 2015 - 6:53PM
Enstar Group Limited (Nasdaq:ESGR) announced that today one of its
wholly owned subsidiaries completed the previously announced
acquisition of 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. Companion's statutory financial statements as of
September 30, 2014 reported its total assets as $1,119.6 million
and total liabilities of $877.2 million.
The total consideration for the transaction was $218 million,
which was financed 50% through borrowings under a bank loan
facility provided by National Australia Bank Limited and Barclays
Bank PLC and 50% from cash on hand.
Enstar will operate the business largely as part of its property
and casualty legacy business, while working to ensure that
Companion's policyholders continue to receive excellent service.
Certain business of Companion will be renewed into Enstar's
subsidiary, Torus National Insurance Company.
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 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.
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
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