HAMILTON, Bermuda, April 1, 2014 (GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar") (Nasdaq:ESGR) and Stone Point Capital LLC ("Stone Point") announced today that they had completed the previously announced acquisition of Torus Insurance Holdings Limited ("Torus"). Torus is an A- rated global specialty insurer with six wholly owned insurance vehicles, including Lloyd's Syndicate 1301. The purchasing entity is indirectly owned 60% by an Enstar subsidiary and 40% by Trident V, L.P. and its affiliated co-investment funds (the "Trident V funds"), which are managed by Stone Point. Enstar contributed approximately $45.2 million in cash and 1,898,326 of its ordinary voting shares and 714,015 newly created non-voting preferred shares towards the purchase price and related transaction expenses, with the Trident V funds contributing approximately $260.8 million in cash through their equity co-investment. Dominic Silvester, Enstar's Chief Executive Officer, said, "I am very pleased to welcome the Torus team to Enstar as we announce the closing of this transaction. We are working closely with Torus and Stone Point to ensure a seamless transition for Torus' client and broker partners worldwide. With our active underwriting operations complementing our core legacy business, we also look forward to many new opportunities in Enstar's future." "Stone Point has had a long and successful partnership with Enstar and its senior management team," said Charles A. Davis, Stone Point's Chief Executive Officer. "Following on the recent acquisitions by Enstar and the Trident V funds of Atrium Underwriting Group and Arden Reinsurance Company, we again are excited to partner with Enstar in an active underwriting business." Private equity firms First Reserve and Corsair Capital, which were Torus' largest shareholders, received both Enstar shares and cash consideration in the transaction, with the remaining Torus shareholders receiving all cash. As a result of the closing, affiliates of First Reserve now own an approximately 11.5% economic interest in Enstar and hold 9.5% of Enstar's outstanding voting shares. In connection with the closing and pursuant to First Reserve's contractual rights, Kenneth W. Moore became a member of Enstar's Board of Directors, effective immediately. Mr. Moore is a Managing Director of First Reserve.