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DGAP-News: Enstar Group Limited Announces Proposed Acquisition
ID: 320024
(firmenpresse) - Enstar Group Limited
22.12.2010 14:01
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HAMILTON, Bermuda, Dec. 22, 2010 (GLOBE NEWSWIRE) -- Enstar Group Limited
('Enstar') (Nasdaq:ESGR) today announced that, through one of its wholly-owned
subsidiaries, it has entered into a definitive agreement for the purchase of
Clarendon National Insurance Company from Clarendon Insurance Group, Inc., an
affiliate of Hannover Re. The purchase price is approximately $200 million and
is expected to be financed in part by a bank loan facility to be finalized
before closing and in part from cash on hand.
Completion of the transaction is conditioned on, among other things, regulatory
approval and satisfaction of various customary closing conditions. The
transaction is expected to close in the second quarter of 2011.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance
companies in run-off and provides management, consultancy and other services to
the insurance and reinsurance industry.
The Enstar Group Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5734
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. 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 governmental and regulatory approvals or to satisfy other
closing conditions. Other 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, 2009, 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 Group Limited
Richard J. Harris
(441) 292-3645
News Source: NASDAQ OMX
22.12.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Enstar Group Limited
Bermuda
Phone:
Fax:
E-mail:
Internet:
ISIN: BMG3075P1014
WKN:
End of Announcement DGAP News-Service
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Datum: 22.12.2010 - 14:01 Uhr
Sprache: Deutsch
News-ID 320024
Anzahl Zeichen: 3939
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
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