Enstar Completes Nationale Suisse Acquisition
Enstar Group Limited announced today that one of its wholly owned subsidiaries completed the previously announced acquisition of Nationale Suisse Assurance S.A. from Helvetia Group.
Nationale Suisse is a Belgium-based insurance company writing non-life and life insurance business. Upon the completion of the acquisition, Nationale Suisse has been renamed Alpha Insurance S.A.
As part of the transaction, an Enstar subsidiary within the StarStone Group acquired Nationale Suisse’s two underwriting agencies, Vander Haeghen & Co and Arena. Vander Haeghen & Co specializes in luxury car and other specialist insurance products and Arena is a leading sports club insurance agency.
Enstar will operate Nationale Suisse as part of its legacy businesses, while working to ensure policyholders continue to receive excellent service.
StarStone’s A.M. Best A- rated European insurance platform has been renewing certain lines of business previously underwritten by Nationale Suisse, including the business placed by Vander Haeghen & Co and Arena.
The total consideration for the transaction is expected to be €39.7 million [approximately US$44.4 million] after post-closing adjustments.
