Enstar Group Limited Reports 2014 Year End Results
Mar 2, 2015
HAMILTON, Bermuda, March 2, 2015 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq:ESGR) filed its annual report on Form 10-K with the SEC earlier today, reporting its earnings and financial position for the year ended December 31, 2014.
Enstar reported consolidated net earnings of $213.7 million (or $11.44 per fully diluted share) for the year ended December 31, 2014 compared to $208.6 million (or $12.49 per fully diluted share) for the year ended December 31, 2013.
Enstar's shareholders' equity at December 31, 2014 amounted to $2,304.9 million (or $119.22 per fully diluted share), which was up from $1,755.5 million (or $105.20 per fully diluted share) at December 31, 2013. The Form 10-K, which is available on Enstar's website, www.enstargroup.com, contains a more detailed description of Enstar's business and financial results.
Enstar also announced today that it has amended its revolving credit facility to increase borrowing capacity from $500 million to $665 million. The amended facility adds Lloyd's Bank plc to the existing lending syndicate of National Australia Bank Limited, Barclays Bank PLC and Royal Bank of Canada.
In addition, Enstar appointed Rick Becker to its Board of Directors on February 25, 2015. Mr. Becker, 68, is the Chairman of Clarity Group, Inc., a U.S. national healthcare professional liability and risk management organization which he co-founded over 13 years ago. He has 35 years of experience within the insurance and healthcare industries.
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, 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