Enstar To Acquire Belgian Insurance Company
Bermuda-based Enstar Group Limited announced that today it has entered into a definitive agreement with Nationale Suisse to acquire its subsidiary, Nationale Suisse Assurance S.A. [NAB]. NAB is a Belgium-based insurance company writing non-life specialty insurance and life insurance.
As part of the transaction, Enstar subsidiary Torus Insurance Holdings Limited will acquire NAB’s two underwriting agencies, Vander Haeghen & C° and Arena. Vander Haeghen & C° specializes in luxury car and other specialist insurance products and Arena is a leading sports club insurance agency.
In addition, Torus’ A.M. Best A- rated European insurance platform will acquire the right to renew certain business currently underwritten by NAB, including the business placed by Vander Haeghen & C° and Arena, as well as other select lines. In connection with the transfer of certain of NAB’s renewal business to Torus, NAB will be placed into an orderly run-off.
The total consideration for the transaction will be €33.7 million [approximately $38.5 million], which Enstar expects to finance from cash on hand. The seller, Nationale Suisse, has been part of the Helvetia Group since October 2014. The transaction is part of its planned withdrawal from the Belgian market.
Completion of the transaction is conditioned on, among other things, regulatory approvals and satisfaction of various closing conditions. The transaction is expected to close during the second quarter of 2015.
