Dominic Silvester, Enstar's Chief Executive Officer, said, "Following the recent announcement of our agreement to acquire Atrium, we are pleased to continue our expansion into 'live' underwriting through the acquisition of Torus. Torus provides us with an opportunity to acquire a large, international A- rated group of companies that both diversifies Enstar into the active market and enhances the opportunities available to our core legacy business. In addition, we are excited to be partnering with Stone Point. We have worked with them successfully in the past and we believe their expertise in the insurance industry will add tremendous value to these acquisitions."
Dermot O'Donohoe, who Torus announced earlier today was named its Group Chief Executive Officer, said, "We are very pleased with this transaction and the opportunity to join Enstar during this exciting time, as it expands into the live insurance market. We have a high regard for both Enstar and Stone Point and are confident in our collective abilities to achieve great results as a result of this deal."
Charles A. Davis, Stone Point's Chief Executive Officer, said, "Stone Point is delighted to be partnering with Enstar on the Torus and Atrium transactions. Our successful relationship with Dominic Silvester and the Enstar team dates back to 2000. We have been one of the largest shareholders of Enstar for many years and have worked with Enstar's senior management on a number of acquisitions. We look forward to joining with Enstar in these investments and working with the Torus and Atrium management teams."
In addition, Enstar announced today that it has entered into an amended and restated revolving credit facility with National Australia Bank, Barclays Bank, and Royal Bank of Canada. The restated five-year revolving credit facility is effective until July 2018 and permits Enstar to borrow up to an aggregate of $375.0 million. The interest rate is LIBOR plus 2.75% for amounts drawn, with a 1.1% commitment fee on undrawn funds. Enstar's previously existing $250.0 million facility was set to terminate in June 2014.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV