Torus Acquisition Strengthens European Network
6th February 2015
LONDON – 6 February 2015: Torus Insurance Holdings Limited (“Torus”), the global specialty insurer, today announces its agreement to acquire two specialty insurance agencies in Belgium from Nationale Suisse: Vander Haeghen & C° and Arena. Vander Haeghen & C° specialises in luxury car and other specialist insurance products and Arena is a leading sports club insurance agency.
Torus will acquire the agencies alongside majority owner Enstar Group Limited’s (“Enstar’s”) proposed acquisition of Nationale Suisse Belgium (NAB), reported yesterday. NAB is a Belgium-based insurance company writing non-life specialty insurance and life insurance. Torus will also acquire the right to offer replacement coverage on certain NAB policies, primarily underwritten by Vander Haeghen & C° and Arena, upon their renewal through its European insurance platform, Torus Insurance (Europe) AG.
The transaction is expected to complete during the second quarter of 2015, and is subject to regulatory approval and satisfaction of certain other closing conditions. On completion, Vander Haeghen & C° and Arena will become subsidiaries of Torus Insurance Marketing Limited.
Demian Smith, CEO of Torus International, said: “This transaction demonstrates our continued ability to work successfully alongside Enstar and take advantage of the dynamic acquisition pipeline, to build upon our specialty underwriting competence across Europe.
“As subsidiaries of Torus, Vander Haeghen & C° and Arena will benefit from being part of an international business while retaining the core knowledge and expertise that drives their success with clients. In addition, all clients and broking partners will benefit from Torus’ dedication to provide the highest level of service to our global client base.”
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, Torus and their respective management teams. 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. In particular, Enstar and Torus may not be able to complete the proposed transaction on the terms summarized above or other acceptable terms, or at all, due to a number of factors, including but not limited to the failure to obtain governmental and regulatory approvals or to satisfy other closing conditions. 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, 2013 and Form 10-Q for the three and six months ended June 30, 2014, and are incorporated herein by reference. Furthermore, Enstar and Torus undertake 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.