Varie
Enstar Group Limited Announces Reinsurance and Administration Transaction With Sun Life
HAMILTON, Bermuda, Oct. 1, 2015 (GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar") (Nasdaq:ESGR) announced today that on September 30, 2015, it, through wholly owned subsidiaries, entered into two 100% reinsurance agreements with Sun Life Assurance Company of Canada and its U.S. Branch, respectively (together, "Sun Life"), and a related administration agreement. In the transaction, an Enstar subsidiary has reinsured all of the run-off workers compensation carve-out and occupational accident business of Sun Life.
Enstar has assumed total net discounted reinsurance reserves and payable balances of approximately $139.4 million in the transaction. Enstar has provided limited parental guarantees supporting certain obligations of its subsidiaries. The amount of the guarantees will increase or decrease over time under certain circumstances, but will always be subject to an overall maximum cap of approximately $36.8 million with respect to the reinsurance liabilities.
Dominic Silvester, Enstar's Chief Executive Officer, said, "We have continued to add U.S. legacy reserves, including to our large portfolio of workers compensation business. We know this particular block of business extremely well, having managed it on behalf of Sun Life since 1999, and are pleased to have partnered with them to complete this transaction."
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 65 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 .
CONTACT: Mark Smith
(441) 292-3645
Copyright GlobeNewswire
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: %s via Globenewswire