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Enstar Group Ltd Agrees To Buy Torus Insurance Holdings Ltd For $692 Million-DJ

Tuesday, 9 Jul 2013 09:16am EDT 

Dow Jones reported that Enstar Group Ltd has agreed to buy global specialty insurer Torus Insurance Holdings Ltd. for $692 million, continuing its push into live underwriting. Torus is the holding company of six insurance vehicles that offer property, casualty and specialty insurance, as well as reinsurance products. Private-equity firms First Reserve and Corsair Capital, Torus' largest shareholders, will receive both Enstar shares and cash in the deal, with the remaining Torus shareholders receiving all cash. Enstar said it will issue roughly 1.9 million ordinary voting shares and about 711,000 newly created nonvoting preferred shares having a total value of $346 million to partially fund the purchase price. Enstar will also contribute roughly $69 million in cash towards the purchase price, with affiliates of Stone Point Capital LLC funding the remaining $277 million through an equity co-investment. Following the closing, Enstar will own 60% of Torus and Stone Point will own 40%. 

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