HAMILTON, Bermuda, Aug. 20, 2010 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq:ESGR) announced today that John J. Oros has resigned from his position as Executive Chairman and as a member of the Board of Directors to assume expanding responsibilities at J.C. Flowers & Co. LLC. Enstar's Board of Directors has appointed Dominic F. Silvester to serve as the new Chairman. Mr. Silvester is a co-founder of Castlewood Holdings Limited, which merged with The Enstar Group, Inc. in 2007. He has served as Enstar's Chief Executive Officer since the merger and, prior to that, was the Chief Executive Officer of Castlewood.
Mr. Oros said: "I have been delighted by my years of association with Enstar, but as the company has grown and my responsibilities outside of Enstar have increased, it makes sense for me to focus my time and energy elsewhere." Mr. Silvester said: "John is an able executive and we have benefited greatly from his services over the years. He will be missed, but I am excited about the prospect of leading Enstar as its Chairman and Chief Executive Officer and I have tremendous confidence in the rest of Enstar's senior management team to help me achieve our goals."
In addition, Enstar announced that Gregory L. Curl has resigned from the Board of Directors to take a position as President of Temasek Holdings in Singapore. Mr. Silvester said: "Greg has been a valuable contributor to the Enstar board since the merger in 2007, and prior to that for four years at The Enstar Group, Inc. We wish him tremendous success in his new position."
In connection with Mr. Oros's resignation, Enstar and Mr. Oros entered into a separation agreement that settled all of Enstar's obligations under Mr. Oros's existing employment agreement. Mr. Oros has also resigned from the various positions he held with Enstar's subsidiaries.
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.
The Enstar Group Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5734
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, 2009, 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.