Enstar Group Limited Reports Third Quarter Results and Announces Appointment of James Carey as Director
Nov 7, 2013
HAMILTON, Bermuda, Nov. 7, 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 nine months ended September 30, 2013.
Enstar reported consolidated net earnings of $40.0 million (or $2.39 per fully diluted share) for the three months ended September 30, 2013 and $71.1 million (or $4.26 per fully diluted share) for the nine months ended September 30, 2013, compared to $47.7 million (or $2.86 per fully diluted share) for the three months ended September 30, 2012 and $98.1 million (or $5.88 per fully diluted share) for the nine months ended September 30, 2012.
Enstar's shareholders' equity at September 30, 2013 amounted to $1,617.9 million (or $96.95 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.
Enstar also announced that on November 6, 2013, it appointed James D. Carey to its Board of Directors. Mr. Carey, 47, is a senior principal at Stone Point Capital LLC, a financial services-focused private equity firm that manages Trident V, L.P. and its affiliated funds, which collectively own approximately 9.7% of Enstar's voting ordinary shares. He previously served as a director of Enstar from its formation in 2001 until 2007.
"We are very excited to welcome Jim back to our Board," said Dominic Silvester, Chief Executive Officer. "We have worked with him successfully for many years. He knows our business and has significant experience in the insurance industry, which will be tremendously valuable to us as we continue to grow and evolve."
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' insurance business, having acquired Arden Reinsurance Company Ltd. and having entered into definitive agreements to acquire ongoing underwriters Atrium Underwriting Group Ltd. and Torus Insurance Holdings Limited.
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 Telephone: (441) 292-3645