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Last $141.94 USD
Change Today +1.19 / 0.85%
Volume 9.5K
ESGR On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 8:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

enstar group ltd (ESGR) Key Developments

Enstar Group Limited Reports Consolidated Earnings Results for the Year Ended December 31, 2014

Enstar Group Limited reported consolidated earnings results for the year ended December 31, 2014. For the year, the company reported net earnings of $213.7 million or $11.44 per fully diluted share compared to $208.6 million or $12.49 per fully diluted share for the year ended December 31, 2013.

Enstar Group Limited Announces Amendment and Restatement of Existing Unsecured Revolving Credit Facility; Appoints B. Frederick Becker to the Board of Directors

On February 27, 2015, Enstar Group Limited, and certain of its subsidiaries, as Borrowers and as Guarantors, entered into an amendment and restatement of the Company's existing unsecured $500 million revolving credit facility agreement with National Australia Bank Limited, Barclays Bank PLC, and Royal Bank of Canada, as Mandated Lead Arrangers and Original Lenders, and NAB as Agent, pursuant to the terms of a Restatement Agreement. The Restatement Agreement provides for the restatement of the existing revolving credit facility agreement primarily in order to: (1) increase the size of the existing revolving credit facility from $500 million to $665 million; (2) add Lloyd's Bank plc as a new lender within the facility, and (3) re-allocate the amounts provided by each of the four lenders under the facility such that each lender agrees to provide an equal amount of $166.25 million, on and subject to the terms of the restated facility agreement. On February 25, 2015, the Company appointed B. Frederick Becker to the Board of Directors, effective immediately. Mr. Becker's appointment was recommended to the Board of Directors by Nominating and Governance Committee, which is comprised entirely of independent directors. Mr. Becker, is the Chairman of Clarity Group Inc. Mr. Becker has 35 years of experience within the insurance and healthcare industries. He currently serves as a director of West Virginia Mutual Insurance Company, Barton and Associates Inc., and Dorada Holdings Ltd. (Bermuda). He has been appointed to the Audit, Compensation, and Nominating and Governance Committees.

Enstar Group Limited Receives Non-Compliance Notice From NASDAQ

Due to the resignation of Kenneth LeStrange on December 18, 2014 from the Board of Directors of Enstar Group Limited, which became effective on December 31, 2014, the Company received, as expected, a notification on January 15, 2015 from the NASDAQ Listing Qualifications Department indicating that the Company was no longer in compliance with: (1) Nasdaq Marketplace Rule 5605(b)(1), which requires that a majority of the Company’s Board of Directors be comprised of independent directors, and (2) Nasdaq Marketplace Rule 5605(c)(2)(A), which requires, among other things, that the Audit Committee of the Company’s board of directors be comprised of at least three independent directors. Consistent with Marketplace Rules 5605(b)(1)(A) and 5605(c)(4)(B), NASDAQ has provided the Company a cure period ending June 29, 2015 within which to regain compliance. The Company intends to appoint a new independent director to its board of directors and its Audit Committee within the cure period.

Kenneth Lestrange Resigns as Director of Enstar Group Limited Effective as of December 31, 2014

On December 18, 2014, Kenneth LeStrange notified Enstar Group Limited that he was resigning from its Board of Directors due to time constraints created by his commitments to other business interests. Mr. LeStrange's resignation will be effective as of December 31, 2014.

Enstar Group Limited Not In Compliance With Nasdaq Rules

In accordance with the Marketplace Rules of The NASDAQ Stock Market LLC (Nasdaq), on December 23, 2014, Enstar Group Limited notified Nasdaq that, as a result of the resignation of one of its independent directors, the company was no longer in compliance with: (1) Nasdaq Marketplace Rule 5605(b)(1), which requires that a majority of the company’s Board of Directors be comprised of independent directors, and (2) Nasdaq Marketplace Rule 5605(c)(2)(A), which requires, among other things, that the Audit Committee of the company’s board of directors be comprised of at least three independent directors. The company intends to appoint a new independent director to serve on the Board of Directors and its Audit Committee before the end of the cure periods provided for by Nasdaq Marketplace Rules 5605(b)(1)(A) and 5605(c)(4)(B).

 

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ESGR

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Valuation ESGR Industry Range
Price/Earnings 12.4x
Price/Sales 3.2x
Price/Book 1.2x
Price/Cash Flow 10.5x
TEV/Sales NM Not Meaningful
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