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Enstar Group Limited Announces Acquisition
Date:12/10/2007

HAMILTON, Bermuda, Dec. 10 /PRNewswire-FirstCall/ -- Enstar Group Limited ("Enstar") (Nasdaq: ESGR) today announced that its wholly-owned subsidiary, Enstar Australia Holdings Pty Limited, had entered into a definitive agreement for the purchase from AMP Limited ("AMP") of AMP's Australian-based closed reinsurance and general insurance operations, for a purchase price of AUS$585 million (approximately US$518 million).

The operations acquired ("Gordian") comprise primarily Gordian RunOff Limited, TGI Australia Limited and AMPG (1992) Limited, all of which had been placed into run-off between 1999 and 2002, and AMP's manager of these businesses, Cobalt Solutions Australia Limited.

The purchase price of AUS$585 million, which will be reduced by any pre- closing distributions paid by Gordian to AMP, is expected to be financed by approximately 70% from a major Australian bank, approximately 7.5% from J. C. Flowers II L.P. (the "Flowers Fund"); and approximately 22.5% from available cash on hand. The Flowers Fund is a private investment fund for which JCF Associates II L.P. is the general partner and J.C. Flowers & Co. LLC is the investment advisor. JCF Associates II L.P. and J.C. Flowers & Co. LLC are controlled by J. Christopher Flowers, a director and one of Enstar's largest shareholders. In addition, John J. Oros, a director and Enstar's Executive Chairman, is a Managing Director of J. C. Flowers & Co. LLC.

Completion of the transaction is conditioned on, among other things, approval by the Australian regulatory authorities and satisfaction of various customary closing conditions. The transaction is expected to close in the first quarter of 2008.

Enstar, a Bermuda company, acquires and manages insurance and reins
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SOURCE Enstar Group Limited
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