M&A Deal Summary

Enstar Group Acquires Torus Insurance Holdings

On July 9, 2013, Enstar Group acquired insurance company Torus Insurance Holdings from First Reserve and Corsair Capital for 692M USD

Acquisition Highlights
  • This is Enstar Group’s 8th transaction in the Insurance sector.
  • This is Enstar Group’s largest (disclosed) transaction.
  • This is Enstar Group’s 1st transaction in Bermuda.

M&A Deal Summary
Date 2013-07-09
Target Torus Insurance Holdings
Sector Insurance
Buyer(s) Enstar Group
Sellers(s) First Reserve
Corsair Capital
Deal Type Add-on Acquisition
Deal Value 692M USD

Target

Torus Insurance Holdings

Hamilton, Bermuda
Torus Insurance offers a diversified and growing range of property, casualty and specialty insurance products, as well as reinsurance, to a global client base through its Bermuda, UK, and US based insurance subsidiaries.

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Buyer(S) 1

Buyer

Enstar Group

Hamilton, Bermuda
Category Company
Founded 1993
Sector Insurance
Employees805
Revenue 864M USD (2021)
DESCRIPTION

Enstar Group is a insurance run-off services company that specializes in acquiring and managing reserves associated with discontinued books of property & casualty insurance and reinsurance business on a global basis. Enstar Group was founded in 2001 and is based in Hamilton, Bermuda.

DEAL STATS #
Overall 8 of 15
Sector (Insurance) 8 of 13
Type (Add-on Acquisition) 5 of 6
Country (Bermuda) 1 of 3
Year (2013) 3 of 4
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-05 Atrium Underwriting Group

London, United Kingdom

Atrium Underwriting Group specializes in accident and health, aviation, marine property, non-marine property, professional liability, property and casualty binding authorities, reinsurance, upstream energy, war and terrorism insurance, cargo, and fine art insurance.

Buy $183M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-09 Arden Reinsurance

Hamilton, Bermuda

Arden Reinsurance Co. Ltd. is a reinsurance company that provides reinsurance to the Atrium Underwriting group of companies.

Buy $80M

Seller(S) 2

SELLER

First Reserve

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 35 of 57
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 14 of 19
Country (Bermuda) 2 of 2
Year (2013) 2 of 6
Size (of disclosed) 10 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-19 Abengoa

Seville, Spain

Abengoa is an international company that applies innovative technology solutions for sustainability in the infrastructures, energy and water sectors. Abengoa was founded in 1941 and is based in Seville, Spain.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-30 GenPower

Newton, Massachusetts, United States

GenPower is a newly constructed 7 MW supercritical coal-fired power generating facility in West Virginia, and Mepco, a West Virginia-based coal mining operation.

Sell -
SELLER

Corsair Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
Size Large
Type Sector Focused
DESCRIPTION

Corsair Capital is a private investment firm focused on investments in the financial services industry. Specific areas of interest include banks, insurance companies, credit card specialists, asset managers, private banks, mortgage lenders, financial technology firms, and finance companies. The Firm looks to invest between $50 to $100 million in companies with proven business models and 'meaningful' barriers to entry. Corsair will consider opportunities around the world, including the US, Europe, Latin America, and Asia. Prospective transactions include recapitalizations, growth capital financings, management buyouts, and special/distressed situations. Corsair Capital was originally established in 1992 and is based in New York City. Corsair has an additional office in London.

DEAL STATS #
Overall 8 of 13
Sector (Insurance) 3 of 4
Type (Add-on Acquisition) 4 of 6
Country (Bermuda) 2 of 2
Year (2013) 1 of 1
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-05 Personal Capital

Redwood City, California, United States

Personal Capital Corp. is a provider of financial advisory services. Personal Capital is based in Redwood City, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-16 SPARTA Insurance Holdings

Hartford, Connecticut, United States

SPARTA Insurance Holdings, Inc. provides property and casualty insurance for specialty and alternative risk programs.

Sell -
Mergr

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