Enstar Group Limited Reports Year-End Results
Feb 24, 2012
HAMILTON, Bermuda, Feb. 24, 2012 (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, 2011.
Enstar reported consolidated net earnings of $153.7 million (or $10.81 per fully diluted share) for the year ended December 31, 2011 compared to $174.1 million (or $12.66 per fully diluted share) for the year ended December 31, 2010.
Enstar's shareholders' equity at December 31, 2011 amounted to $1.39 billion (excluding noncontrolling interest of $297.3 million) (or $82.97 per fully diluted share), up from $948.4 million (excluding noncontrolling interest of $267.4 million) (or $71.68 per fully diluted share) at December 31, 2010. Shareholders' equity increased at December 31, 2011 due primarily to net earnings and the investment in Enstar by certain affiliates of Goldman, Sachs & Co. that occurred on April 20, 2011 and December 22, 2011. 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, 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.
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. 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, 2011, and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements of 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
Source: Globe Newswire (February 24, 2012 - 5:16 PM EST)
News by QuoteMedia