Key Developments For Enstar Group Limited
Enstar Group Limited (ESGR.O) (Nasdaq)
Enstar Group Ltd.'s Marlon Insurance Company Limited Announces Completion of Acquisition
Enstar Group Ltd. announced that its wholly owned subsidiary, Marlon Insurance Company Limited, completed the previously announced acquisition of Copenhagen Reinsurance Company Ltd. from Alm. Brand Forsikring A/S for a purchase price of DKK149.2 million (approximately $30 million). The purchase price was financed from available cash on hand.
RSA Insurance Group plc Announces Sale Of British Engine Insurance Limited To Enstar Group Ltd.'s Knapton Holdings Limited
RSA Insurance Group plc announced the sale of British Engine Insurance Limited to Knapton Holdings Limited, a wholly owned subsidiary of Enstar Group Ltd., for £28 million to be paid in cash. British Engine is an inwards reinsurance business and has been in run-off since 2001.
Enstar Group Ltd.'s Nordic Run Off Limited Announces Proposed Acquisition Of Copenhagen Reinsurance Company Ltd. From Alm. Brand Forsikring A/S
Enstar Group Ltd. announced that its wholly owned subsidiary, Nordic Run Off Limited, had entered into a definitive agreement for the purchase of Copenhagen Reinsurance Company Ltd. (Copenhagen Re) from Alm. Brand Forsikring A/S. The purchase price of approximately $28 million is expected to be financed from available cash on hand. The transaction is expected to close in the third quarter of 2009.
Enstar Group Ltd. Announces Completion of Acquisition Of Unionamerica Holdings Limited
Enstar Group Ltd. announced that Royston Run-Off Limited, its indirect subsidiary, completed the previously announced acquisition of Unionamerica Holdings Limited from St. Paul Fire and Marine Insurance Company, an affiliate of The Travelers Companies, Inc. (Travelers), for a purchase price of $341.3 million.
Enstar Group Ltd.'s Royston Run-Off Limited Enters Into Definitive Agreement For Purchase of Unionamerica Holdings Limited; Enters Into Term Facilities Agreement For $184.6 Million Loan
Enstar Group Ltd. announced that its wholly owned subsidiary, Royston Run-Off Limited, had entered into a definitive agreement for the purchase of Unionamerica Holdings Limited from St. Paul Fire and Marine Insurance Company, an affiliate of The Travelers Companies, Inc., for a purchase price of $343.4 million. In connection with the proposed transaction, Royston Run-Off Limited has entered into a term facilities agreement with National Australia Bank Limited for a $184.6 million loan to be made at the closing of the acquisition. Unionamerica Holdings Limited is comprised of the discontinued operations of Travelers' UK-based London Market business, which were placed into run-off between 1992 and 2003. The purchase price of $343.4 million is expected to be financed approximately 54% through the bank loan; approximately 14% from J.C. Flowers II L.P.; and approximately 32% from available cash on hand. The transaction is expected to close in the fourth quarter of 2008.
