Canada Pension Plan Investment Board Acquires Stake in Enstar from First Reserve

June 10, 2015

Willkie advises private equity firm First Reserve in the approximately $267 million sale of its stake in Enstar, the owner and manager of diversified insurance companies. 

On May 29,  Enstar Group Limited announced that Canada Pension Plan Investment Board (CPPIB) has entered into an agreement to acquire approximately 1.9 million voting and non-voting ordinary shares of Enstar from private equity firm First Reserve, represented by Willkie. The shares represent an economic ownership interest in Enstar of approximately 9.9%, with a transaction value of approximately $267 million.

Enstar Group Limited and its operating subsidiaries acquire and manage diversified insurance businesses through a network of service companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar's active underwriting businesses include the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd's Syndicate 609, and the Torus group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms.  CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million contributors and beneficiaries.

The deal was handled by partner Michael Groll and Sean Ewen, and associate Michael Casas.