Enstar Group Limited ("Enstar") (Nasdaq:ESGR - News) today announced that, through one of its wholly-owned subsidiaries, it has entered into a definitive agreement for the purchase of Clarendon National Insurance Company from Clarendon Insurance Group, Inc., an affiliate of Hannover Re. The purchase price is approximately $200 million and is expected to be financed in part by a bank loan facility to be finalized before closing and in part from cash on hand.
Completion of the transaction is conditioned on, among other things, regulatory approval and satisfaction of various customary closing conditions. The transaction is expected to close in the second quarter of 2011.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.
Wednesday, December 22, 2010
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Wednesday, December 22, 2010
Enstar Group Limited Announces Proposed Acquisition
Enstar Group Limited ("Enstar") (Nasdaq:ESGR - News) today announced that, through one of its wholly-owned subsidiaries, it has entered into a definitive agreement for the purchase of Clarendon National Insurance Company from Clarendon Insurance Group, Inc., an affiliate of Hannover Re. The purchase price is approximately $200 million and is expected to be financed in part by a bank loan facility to be finalized before closing and in part from cash on hand.
Completion of the transaction is conditioned on, among other things, regulatory approval and satisfaction of various customary closing conditions. The transaction is expected to close in the second quarter of 2011.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.
Completion of the transaction is conditioned on, among other things, regulatory approval and satisfaction of various customary closing conditions. The transaction is expected to close in the second quarter of 2011.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.
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