Enstar Group Limited Reports Closing of Clarendon Acquisition
Enstar Group Limited
HAMILTON, Bermuda, 2011-07-12 22:40 CEST (GLOBE NEWSWIRE) –
Enstar Group Limited (Nasdaq:ESGR) announced today that one of its wholly-owned
subsidiaries has completed the previously announced acquisition of Clarendon
National Insurance Company from an affiliate of Hannover Re. Clarendon National
is a New Jersey-domiciled insurer that is in run-off. Clarendon National owns
three other insurers, two domiciled in New Jersey and one domiciled in Florida,
that are also in run-off. Clarendon National and its subsidiaries reported
combined total assets of $2,102.6 million and combined total liabilities of
$1,845.8 million in their statutory financial statements as of March 31, 2011.
The purchase price paid was $219.1 million and was financed in part by a bank
loan facility provided by a London-based bank and entered into on March 4, 2011
and in part from available cash on hand.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance
companies in run-off and portfolios of insurance and reinsurance business in
run-off, and provides management, consultancy and other services to the
insurance and reinsurance industry.
The Enstar Group Limited logo is available at
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. Prospective investors are
cautioned that any such forward-looking statements 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, 2010, 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
CONTACT: Richard J. Harris
News Source: NASDAQ OMX
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Company: Enstar Group Limited
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