Enstar Group Subsidiary Completes Acquisition
Enstar Group Limited announced today that one of its wholly-owned subsidiaries has completed the previously announced acquisition of Clarendon National Insurance Company from an affiliate of Hannover Re.
Clarendon National is a New Jersey-domiciled insurer that is in run-off. Clarendon National owns three other insurers, two domiciled in New Jersey and one domiciled in Florida, that are also in run-off.
Clarendon National and its subsidiaries reported combined total assets of $2,102.6 million and combined total liabilities of $1,845.8 million in their statutory financial statements as of March 31, 2011.
The purchase price paid was $219.1 million and was financed in part by a bank loan facility provided by a London-based bank and entered into on March 4, 2011 and in part from available cash on hand.
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.
