HAMILTON, Bermuda, May 6, 2011 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq:ESGR) filed its quarterly report on Form 10-Q with the SEC earlier today, reporting its earnings and financial position for the three months ended March 31, 2011.
Enstar reported consolidated net earnings of $3.5 million (or $0.26 per fully diluted share) for the three months ended March 31, 2011 compared to $15.9 million (or $1.15 per fully diluted share) for the three months ended March 31, 2010.
Enstar's shareholders' equity at March 31, 2011 amounted to $959.7 million (excluding noncontrolling interest of $253.7 million) (or $72.11 per fully diluted share), up from $948.4 million (excluding noncontrolling interest of $267.4 million) (or $71.68 per fully diluted share) at December 31, 2010. The Form 10-Q, which is available on Enstar's website, www.enstargroup.com, contains a more detailed description of Enstar's business and financial results.
Enstar also announced today that J. Christopher Flowers has resigned from Enstar's board of directors. Mr. Flowers stated, "I am delighted to have been associated with Enstar's success over the last 15 years and am very proud of Enstar's achievements. I believe that Enstar's business, management and prospects are superlative, and that the company has never been in a stronger position. I leave the board due to the demands of my many other business matters, but I wish the company continued prosperity."
Dominic Silvester, Enstar's Chairman and Chief Executive Officer, said, "Chris has been a valuable contributor to Enstar for over 15 years. During that time Enstar has grown into a substantial company with considerable prospects and opportunities and on behalf of our shareholders, board and management, I would like to thank Chris for his many contributions and wish him well in his future endeavors."
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry.
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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, 2010, 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.