ENSTAR MAKES FIRST ACQUISITION OUTSIDE INSURANCE SPACE WITH DANA DEAL

Enstar Group has made its first acquisition of a business outside the insurance sector as it continues to build its book of legacy liability business. The live-to-legacy group has purchased Dana Companies from Dana Incorporated for a total purchase price of $91.5m. Dana Incorporated supplies highly engineered drivetrain, sealing, and thermal-management technologies for vehicles. Dana Companies holds liabilities associated with personal injury asbestos claims and environmental claims arising from its legacy manufacturing operations. Its assets include, among others, insurance rights related to coverage against these liabilities and marketable securities. Bermuda-based Enstar said the acquisition complemented its core business of managing legacy liability, particularly in asbestos. The transaction was financed through a drawing under Enstar’s revolving credit facility.