HAMILTON, Bermuda, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today
that one of its wholly owned subsidiaries has entered into a definitive agreement to acquire Maiden Reinsurance North America, Inc.
(“Maiden Re North America”) from a subsidiary of Maiden Holdings, Ltd. Maiden Re North America is a diversified insurance
company domiciled in Missouri that provides property and casualty treaty reinsurance, casualty facultative reinsurance and accident
and health treaty reinsurance. As part of the transaction, an Enstar subsidiary will novate and assume certain reinsurance
agreements from Maiden’s Bermuda reinsurer, including certain reinsurance agreements with Maiden Re North America.
The net consideration payable in the transactions is $307.5 million, subject to certain closing adjustments. Enstar will assume
approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves upon closing.
Enstar, which will operate the business in run-off, expects to finance the purchase price through a combination of cash on hand
and borrowings under its revolving credit facility. Completion of the transaction is conditioned on, among other things,
governmental and regulatory approvals and satisfaction of various customary closing conditions. The transaction is expected to
close in the fourth quarter of 2018.
About Enstar
Enstar is a multi-faceted insurance group, with over $15.2 billion in assets, that offers innovative capital release solutions
and specialty underwriting capabilities through its network of group 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 80 companies and portfolios since its formation in 2001. Enstar’s active underwriting businesses include the
StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the
Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. For
further information about Enstar, see www.enstargroup.com.
Cautionary Statement
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. In particular, Enstar may not be able to complete
the proposed transactions on the terms summarized above or other acceptable terms, or at all, due to a number of factors, including
but not limited to the failure to obtain governmental and regulatory approvals or to satisfy other closing conditions.
Additional important risk factors regarding Enstar can be found under the heading "Risk Factors" in Enstar's Form 10-K for the year
ended December 31, 2017 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: Guy Bowker
Telephone: +1 (441) 292-3645
