DGAP-Adhoc: Enterprise Holdings Limited: Enterprise Holdings will expand operations of existing Managing General Agent (MGA) to reduce capital requirement and increase margins - Petitioning to wind up its insurance company Enterprise Insurance Company PLC


Enterprise Holdings Limited  / Key word(s): Strategic Company Decision

25.07.2016 18:44

Disclosure of an inside information according to Article 17 MAR,
transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Enterprise Holdings will expand operations of existing Managing General
Agent (MGA) to reduce capital requirement and increase margins
Petitioning to wind up its insurance company Enterprise Insurance Company
PLC

The Gibraltar Financial Services Commission (the Commission) has intervened
in the operations of Enterprise Insurance Company PLC (EIC or Company), a
100% owned subsidiary of Enterprise Holdings Limited.  EIC has been under
close supervision from the Commission and recently the Company provided the
Commission with the indicative outcome of the requested independent review
which showed a severe deterioration in the Company's position. EIC
therefore has requested that the Commission takes steps to control the
activities of the Company including issuing winding-up proceedings.

Andrew Flowers, Chief Executive Officer of the Enterprise Holdings Limited,
comments: "Winding up the existing business of Enterprise Insurance Company
PLC is the best solution available to us to protect our policyholders. We
plan to begin discussions with the insurance market to determine how we
might amend the remit of the already established Managing General Agent
(MGA) owned by the Group, Andeva Underwriting Agency Limited (Andeva), to
secure capacity from an alternative re-insurer. This would allow the
expansion of Andeva's offering to a broader range of products which in turn
should generate premium volumes to similar levels historically enjoyed by
EIC but without any cost of capital and a significantly reduced overhead.
The Group continues its plans to diversify into the leisure sector. The
first gastronomy venue, The Oxford Blue, is entering the final stages of
refurbishment and is planned to open during September 2016. This will be
followed by the launch of a second early in November, both of which are
expected to make significant contributions to the Group profits in their
first year of trading."

Update on Special Accounts
Bond 2015/20: According to the terms and conditions of the bond, starting
May 2015 every month the issuer credits 10 percent of the yearly interest
payment to this separate bank account. These monies are for the payment of
the yearly interests to investors. The current credit balance is 735,000
euro and according to the schedule this equals approximately a third of the
next interest payment due end of March 2017.
The special account's monthly development is published regularly on the
company's website www.enterprise-holdings.de -> Bond 2015/20 -> Factsheet.

Bond 2012/17: Based on the estimated monthly profits since September 2012
the company has credited 19,220,000 Euro to this separate bank account and
also transferred the interest payments of 2,450,000 Euro each to the bond
holders on 26 September 2013 and 2014 and another 2,009,000 Euro on 26
September 2015 respectively. In October 2015 there was a one-off payment of
1,000,000 Euro to the special account and in the following 8,945,000 Euro
from the credit balance have been used to redeem bonds. The current credit
balance in the special account is 3,427,000 Euro, which is more than the
remaining interest payments until maturity in September 2017.
The special account's monthly development is published regularly on the
company's website www.enterprise-holdings.de -> Bond 2012/17 -> Factsheet.

Service: Upcoming Events
26 September 2016: fourth interest payment of bond 2012/17; the amount is
already deposited in the special account
End of September: disclosure of annual report as of 31 March 2016
End of November: investor presentation at Deutsche Eigenkapitalforum
Conference in Frankfurt

End of adhoc release


Enterprise Holdings Ltd. Group - an owner-lead insurance firm
Lead by its founder the company holds several other subsidiaries together
with affiliated service companies. The Group offers independent white label
general insurance solutions, apart from life insurance products. The
affiliated companies deliver insurance specific auditing services as well
as administrative and marketing services. The Group focuses its activities
on high-yield niches within the European general insurance market. The main
category of the offered insurances is in the field of automobile damage and
third party insurance, legal costs insurance, household contents insurance
and guarantees. Main markets are currently the United Kingdom, France,
Greece and Italy.

Bond issue 2015/20
Since 30 March 2015 the Enterprise Holdings' corporate bond 2015/20 is
listed in the Entry Standard segment at Boerse Frankfurt (International
Security Identification Number (ISIN): DE000A1ZWPT5).

Bond issue 2012/17
Enterprise Holdings' corporate bond 2012/17 is listed in the Entry Standard
segment at Boerse Frankfurt (International Security Identification Number
(ISIN): DE000A1G9AQ4) since 26 September 2012. The originally issued volume
of the bond was 35m euro. During the exchange offer that ended 26 March
2015, holders of the bond exchanged 6.3m euro into the new bond 2015/20.
Additionally in October 2015 the company redeemed Euro 9.2m bonds from an
investment fund. Therefore the total volume of the bond 2012/17 currently
is 19.5m euro.

For more information about the bonds please visit our website, especially
the sections "Bond 2015/20" and "Bond 2012/17" at
www.enterprise-holdings.de

Bond Investor Relations / Press
Please direct all your requests to:
max. Equity Marketing GmbH, Maximilian Fischer, Marienplatz 2, 80331
Munich, Germany
Tel: +49 89 139 28890   E-Mail: ir@enterprise-holdings.de

Disclosing person according Durchführungsverordnung (EU) 2016/1055 u.a.: 
Andrew John Flowers, Chief Executive Officer of Enterprise Holdings Limited


IMPORTANT NOTE - Disclaimer
This information may not be disseminated outside of Germany and Austria, in
particular not in the United States, to US Persons according to regulation
S of the US Securities Act of 1933 or to publications with a general
circulation in the United States. Any person who fails to comply with these
restrictions may violate the security laws of certain jurisdictions, in
particular of the United States. Bonds in Enterprise Holdings Limited are
not publicly offered outside of Germany and Austria. The Notes will not be
registered under the Securities Act of 1933, or any applicable state or
foreign securities laws, and are subject to substantial restrictions on
transfer. In particular, the Notes may not be offered or sold in the U.S.,
or to or for the benefit of U.S. persons, absent registration under the
Securities Act or an applicable exemption from the registration
requirements of the Securities Act.
The securities mentioned in this press release are not being and will not
be offered for sale to the public in the United States, Australia, Canada
and Japan.


25.07.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Language:     English
Company:      Enterprise Holdings Limited
              47 Esplanade
              JE1 0BD St. Helier
              Jersey
Phone:        +49 89 -1392889-0
Fax:          
E-mail:       ir@enterprise-holdings.de
Internet:     www.enterprise-holdings.de
ISIN:         DE000A1G9AQ4, DE000A1ZWPT5
WKN:          A1G9AQ, A1ZWPT
Listed:       Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
              Hanover, Munich, Stuttgart, Tradegate Exchange; Open Market
              (Entry Standard) in Frankfurt
 
End of Announcement                             DGAP News-Service
 
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