Enstar Posts Results, Names New Chairman

November 5, 2011

Bermuda’s Enstar Group Limited has filed its quarterly report on Form 10-Q with the US Securities & Exchange Commission, reporting its earnings and financial position for the three and nine months ended September 30, 2011.

Enstar reported consolidated net earnings of $12.1 million (or $0.83 per fully diluted share) for the three months ended September 30, 2011 and $24.9 million — or $1.78 per fully diluted share — for the nine months ended September 30, 2011, compared to $21.4 million — or $1.53 per fully diluted share — for the three months ended September 30, 2010 and $49.8 million — or $3.57 per fully diluted share — for the nine months ended September 30, 2010.

Enstar’s shareholders’ equity at September 30, 2011 amounted to $1,072.7 million (excluding noncontrolling interest of $264.8 million) (or $73.50 per fully diluted share), up from $948.4 million (excluding noncontrolling interest of $267.4 million) (or $71.68 per fully diluted share) at December 31, 2010.

Shareholders’ equity increased at September 30, 2011 due primarily to the first closing of the previously announced investment in Enstar by certain affiliates of Goldman, Sachs & Co. that occurred on April 20, 2011. The Form 10-Q, which is available on Enstar’s website contains a more detailed description of Enstar’s business and financial results.

Enstar also announced that on November 2, 2011, the board of directors separated the positions of chairman and CEO by appointing current director Robert J. Campbell as the new chairman of the board of directors. Dominic F. Silvester will continue as Chief Executive Officer and a director of Enstar.

Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry.

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