Enstar Group Limited Completes Acquisition of Nationale Suisse Assurance S.A. from Helvetia Group
Nov 13, 2015
HAMILTON, Bermuda, Nov. 13, 2015 (GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar") (Nasdaq:ESGR) announced today that one of its wholly owned subsidiaries completed the previously announced acquisition of Nationale Suisse Assurance S.A. ("Nationale Suisse") from Helvetia Group. Nationale Suisse is a Belgium-based insurance company writing non-life and life insurance business. Upon the completion of the acquisition, Nationale Suisse has been renamed Alpha Insurance S.A.
As part of the transaction, an Enstar subsidiary within the StarStone Group acquired Nationale Suisse's two underwriting agencies, Vander Haeghen & Co and Arena. Vander Haeghen & Co specializes in luxury car and other specialist insurance products and Arena is a leading sports club insurance agency.
Enstar will operate Nationale Suisse as part of its legacy businesses, while working to ensure policyholders continue to receive excellent service.
StarStone's A.M. Best A- rated European insurance platform has been renewing certain lines of business previously underwritten by Nationale Suisse, including the business placed by Vander Haeghen & Co and Arena.
The total consideration for the transaction is expected to be €39.7 million (approximately US$44.4 million) after post-closing adjustments.
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 legacy acquisitions, having acquired over 70 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 StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms. 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, 2014 and Form 10-Q for the quarterly period ended June 30, 2015, 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: Mark Smith Telephone: (441) 292-3645