Enstar Group Limited Reports Second Quarter Results
Aug 9, 2013
HAMILTON, Bermuda, Aug. 9, 2013 (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, 2013.
Enstar reported consolidated net earnings of $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, compared to $40.7 million (or $2.44 per fully diluted share) for the three months ended June 30, 2012 and $50.4 million (or $3.02 per fully diluted share) for the six months ended June 30, 2012.
Enstar's shareholders' equity at June 30, 2013 amounted to $1,568.9 million (or $94.02 per fully diluted share), as compared to $1,553.8 million (or $93.30 per fully diluted share) at December 31, 2012. 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.
Earlier today Enstar also filed an amendment to its quarterly report on Form 10-Q for the three months ended March 31, 2013 in order to amend and restate its condensed consolidated balance sheet and related financial information. The amended filing corrects a misstatement in the classification of certain short-term and fixed maturity investments. The misstatement had no impact on the total investments or total assets reported in the condensed consolidated balance sheet as at March 31, 2013. The misstatement also did not impact Enstar's revenue, net earnings, comprehensive income, or shareholders' equity. The amended Form 10-Q for the three months ended March 31, 2013, which is available on Enstar's website, contains a more detailed description of the restatement.
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. Enstar recently announced its expansion into live underwriting with its definitive agreements to acquire Atrium Underwriting Group and Torus Insurance Holdings Limited, acquisitions which are expected to close by the end of the year.
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, 2012 and in Enstar's Form 10-Q for the period ended June 30, 2013; these risk factors 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