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Bermuda-based Enstar Group Ltd. says it will acquire Seattle-based workers compensation insurer SeaBright Holdings Inc. in a $252 million deal.
Enstar is a holding company that acquires and manages insurance and reinsurance companies in runoff. It also provides management and consulting services to the insurance industry.
SeaBright’s business unit, SeaBright Insurance Co., is a specialty underwriter of workers comp insurance as well as risks such as those that fall under the U.S. Longshore and Harbor Workers’ Compensation Act and the Jones Act.
“The acquisition of SeaBright is an exciting opportunity for Enstar,” Enstar CEO Dominic Silvester said Monday in a statement. “We continue to focus on expanding in the U.S., and we believe SeaBright will be a significant addition to our portfolio.”
Terms of the agreement call for a new wholly owned subsidiary of Enstar to merge into SeaBright, with SeaBright surviving as a wholly owned subsidiary of Enstar, the company said.
The $252 million deal still needs stockholder and regulatory approval, among other conditions.
Enstar also said that it is discussing opportunities with third-party insurance companies for the assumption of SeaBright’s policy renewals.