Enstar Group Limited Announces $ 690 Million Reinsurance of Continental Casualty Company Surplus Workers’ Compensation Business

HAMILTON, Bermuda, December 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 portfolio inherited from surplus workers’ compensation activities.

As part of the transaction, the Enstar subsidiary will assume net insurance reserves of approximately $ 690 million, relating to 2007 and prior year operations.

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

Dominic Silvester, CEO of Enstar, said: “Our agreement today to partner with CNA, an industry leader, expands our portfolio of US heritage reserves for surplus workers compensation. , a business sector that we have considerable experience and success in managing.

About Enstar

Enstar is a leading global NASDAQ-listed insurance group that provides innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and in other international countries. A market leader in making legacy acquisitions, Enstar has acquired more than 100 companies and portfolios since its inception in 2001. For more information about Enstar, see www.enstargroup.com.

Caution

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements concerning the current intent, beliefs or expectations of Enstar and its management team. Investors are cautioned that these forward-looking statements speak only as of the date on which they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in 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. ” to limit, failure to obtain regulatory approvals or to meet other conditions. In addition, the evolution of the COVID-19 pandemic has caused significant economic and financial turbulence globally, as well as uncertainty and volatility in financial markets. Due to global uncertainty, we are unable to predict the long term effects of the pandemic on our business at this time. Significant risk factors relating to Enstar can be found under the heading “Risk Factors” of Enstar’s Form 10-K for the year ended December 31, 2019 and Enstar’s Form 10-Q for the three and nine months ended. on September 30, 2020 and are incorporated herein by reference. Further, Enstar assumes no obligation to update any written or oral forward-looking statements or to publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations. in this regard or any change in the events, conditions, circumstances or assumptions underlying such statements, except as required by law.