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Enstar Group Ltd Announces Completion Of Arden Reinsurance Acquisition

Monday, 9 Sep 2013 04:17pm EDT 

Enstar Group Ltd announced that it, together with affiliates of Stone Point Capital LLC, has completed the previously announced acquisition of Arden Reinsurance Company Ltd. from Arden Holdings Ltd. Arden Reinsurance is a Bermuda-based reinsurance company that provides reinsurance to the Atrium Underwriting group of companies and is currently in the process of running off certain other discontinued businesses. The purchaser of Arden Reinsurance, Northshore Holdings Limited, is 60% owned by an Enstar subsidiary and 40% owned by funds affiliated with Stone Point. The purchase price for Arden Reinsurance was $79.6 million and was paid by Enstar and Stone Point in accordance with their ownership interests. Enstar's portion of the purchase price of $47.8 million was financed by a drawing under its revolving credit facility. 

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