Enstar Group Limited Announces Completion of Acquisition

HAMILTON, Bermuda, March 5 /PRNewswire-FirstCall/ -- Enstar Group Limited NASDAQ: ESGR, and its subsidiary, Enstar Australia Holdings Pty Limited, today announced the closing of the previously announced acquisition of AMP Limited's Australian-based closed reinsurance and insurance operations. The net purchase price of approximately $417 million was financed by approximately $285 million from bank financing; approximately $40 million from J.C. Flowers II, L.P., by way of non-voting equity participation; and approximately $92 million from available cash on hand. Additional information regarding the transaction and the related bank financing is available in the Current Report on Form 8-K filed today by Enstar with the Securities and Exchange Commission.

Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.