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Enstar to Acquire Full Ownership of KaylaRe

Enstar Group Ltd (ESGR)  More Company Research Source: GlobeNewswire
US:NASDAQ Investor Relations: enstargroup.com/investor-relations
PDF HAMILTON, Bermuda, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq:ESGR) today announced that it has signed an agreement to acquire a further 52% stake in KaylaRe Holdings Ltd. (“KaylaRe”), the parent company of KaylaRe Ltd., a Bermuda-based, Class 4 reinsurer. Added to its existing 48% equity holding, the acquisition will give Enstar full ownership of KaylaRe. Enstar founded KaylaRe in 2016 alongside funds managed by Hillhouse Capital Management, Ltd. (“Hillhouse”) and the Trident V funds managed by Stone Point Capital LLC (“Stone Point”).  In the transaction, valued at approximately $400 million, Hillhouse and Stone Point will exchange their respective 44% and 8% shareholdings in KaylaRe for Enstar shares. Hillhouse will increase its overall economic interest in Enstar from 9.9% to 17.1% and its voting interest from 3.3% to 9.7%. Stone Point will increase its economic interest from 6.9% to 7.6% and its voting interest from 8.2% to 9.1%. The transaction is subject t [Read more]

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