Enstar Group Restricted Broadcasts Reinsurance of $690 Million of Continental Casualty Firm’s Legacy Extra Staff’ Compensation Enterprise

HAMILTON, Bermuda, Dec. 30, 2020 (GLOBE NEWSWIRE) – Enstar Group Limited (NASDAQ: ESGR) today announced that one of its wholly owned subsidiaries has signed an agreement with Continental Casualty Company (“CNA”) to reinsure a legacy portfolio of excess employee compensation business .

As part of the transaction, the Enstar subsidiary will acquire net insurance reserves of approximately $ 690 million for the 2007 and prior year business.

The closing of the transaction is subject to regulatory approval and other closing conditions.

Dominic Silvester, Enstar Chief Executive Officer, said, “Today’s agreement to partner with CNA, an industry leader, expands our portfolio of US surplus labor compensation reserves, a line of business that we have considerable experience and success in Have management. “

About Enstar

Enstar is a leading global insurance company listed on NASDAQ, offering innovative capital unlocking solutions through its network of group companies in Bermuda, the US, UK, continental Europe, Australia and other international locations. Enstar is the market leader in executing legacy acquisitions and has acquired over 100 companies and portfolios since its inception in 2001. You can find more information about Enstar at www.enstargroup.com.

Warning notice

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements contain statements about the intentions, beliefs, or current expectations of Enstar and its management team. Investors are cautioned that such forward-looking statements are only valid as of the date of their publication, are no guarantee of future performance and involve risks and uncertainties, and that actual results may differ materially from the results projected in the forward-looking statements as a result of various factors . In particular, Enstar may not be able to complete the proposed Transaction on the terms summarized above or other acceptable terms, or not at all due to a number of factors including, but not limited to, failure to obtain regulatory approvals or other closing meet conditions. In addition, the developing COVID-19 pandemic has caused significant economic and financial turmoil as well as uncertainty and volatility in financial markets around the world. Due to global uncertainty, we cannot currently predict the longer-term effects of the pandemic on our business. For important risk factors relating to Enstar, see the Risk Factors heading in Enstar’s Form 10-K for the fiscal year ending December 31, 2019 and Enstar’s Form 10-Q for the three and nine months ended September 30, 2020 herein by reference. In addition, Enstar undertakes no obligation to update any written or oral forward-looking statements or to publicly announce any updates or revisions to any forward-looking statements contained herein to reflect changes in its expectations regarding them or changes in events. Conditions, circumstances or assumptions underlying such statements, except as required by law.