Enstar Group Limited Reports Second Quarter Results
Aug 11, 2014
HAMILTON, Bermuda, Aug. 11, 2014 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq:ESGR) filed its quarterly report on Form 10-Q with the SEC earlier today, reporting its earnings and financial position for the three and six months ended June 30, 2014.
Enstar reported consolidated net earnings of $51.8 million (or $2.68 per fully diluted share) for the three months ended June 30, 2014 and $81.4 million (or $4.52 per fully diluted share) for the six months ended June 30, 2014, compared to $19.2 million (or $1.15 per fully diluted share) for the three months ended June 30, 2013 and $31.2 million (or $1.87 per fully diluted share) for the six months ended June 30, 2013.
Enstar's shareholders' equity at June 30, 2014 amounted to $2,199.8 million (or $113.94 per fully diluted share), as compared to $1,755.5 million (or $105.20 per fully diluted share) at December 31, 2013. The Form 10-Q, which is available on Enstar's website, www.enstargroup.com, contains a more detailed description of Enstar's business and financial results.
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 run-off acquisitions, having acquired over 60 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, including Lloyd's Syndicate 1301. 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 (441) 292-3645