HAMILTON, Bermuda, March 24, 2009 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq:ESGR) announced today that due to the resignation of T. Wayne Davis on March 18, 2009 from the Company's Board of Directors, the Company received, as expected, a notification on March 23, 2009 from the NASDAQ Listing Qualifications Department indicating that the Company no longer complies with NASDAQ's independent director requirements as set forth in Marketplace Rule 4350. Consistent with Marketplace Rule 4350(c)(1), the Company has been provided a cure period in order to regain compliance by September 14, 2009. The Company intends to appoint a new independent director within the cure period.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.
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. Prospective investors are cautioned that any such forward-looking statements 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, 2008, 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.