Enstar Group Limited Completes Acquisition of U.S. and Canadian Closed-Life Insurance Operations From HSBC Finance

Enstar Group Limited Completes Acquisition of U.S. and Canadian Closed-Life
Insurance Operations From HSBC Finance

HAMILTON, Bermuda, April 1, 2013 (GLOBE NEWSWIRE) -- Enstar Group Limited
(Nasdaq:ESGR) announced today that one of Enstar's wholly-owned subsidiaries
completed the previously announced acquisition from Household Insurance Group
Holding Company of HSBC Insurance Company of Delaware and Household Life
Insurance Company of Delaware, as well as its three subsidiary insurers, on
March 31, 2013. Household Insurance Group Holding Company is a subsidiary of
HSBC Holdings plc.

The HSBC companies acquired added approximately $1.4 billion in total cash and
investments to Enstar's balance sheet.

As previously disclosed, the base purchase price of $181 million was rolled
forward under the terms of the stock purchase agreement based upon changes to
the capital and surplus of the acquired entities arising from the operation of
the business prior to closing.The amount paid at closing was approximately
$155.7 million and was financed in part by a drawing under Enstar's revolving
credit facility.

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

The Enstar Group Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5734

This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include statements regarding the intent, belief or current
expectations of Enstar and its management team. Investors are cautioned that
any such forward-looking statements speak only as of the date 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 the
forward-looking statements as a result of various factors. Important risk
factors regarding Enstar may be found under the heading "Risk Factors" in
Enstar's Form 10-K for the year ended December 31, 2012, and are incorporated
herein by reference. Furthermore, Enstar undertakes no obligation to update
any written or oral forward-looking statements or publicly announce any
updates or revisions to any of the forward-looking statements contained
herein, to reflect any change in its expectations with regard thereto or any
change in events, conditions, circumstances or assumptions underlying such
statements, except as required by law.

CONTACT: Richard J. Harris
         (441) 292-3645

Enstar Group Limited Logo
 
Press spacebar to pause and continue. Press esc to stop.