Bermuda-based Enstar Group Limited (Nasdaq:ESGR), a company that manages and acquires insurance and reinsurance companies in run-off as well as their portfolios, has entered into an agreement where it will acquire all of the shares of Household Life Insurance Company of Delaware and HSBC Insurance Company of Delaware.
Both Household Life Insurance Company and HSBC Insurance Company of Delaware have written U.S. and Canadian life insurance, credit insurance, term life insurance, assumed reinsurance, corporate owned life insurance and annuities.
The shares will be purchased through a combination of cash on hand as well as drawings from Enstar's revolving credit facility and will be purchased from Household Insurance Group Golding Company, an affiliate of HSBC Holdings plc.
