Enstar Group Limited Completes Acquisition of SeaBright Holdings, Inc.

2/7/2013 4:20 PM EST

Enstar Group Limited

Enstar Group Limited Completes Acquisition of SeaBright Holdings, Inc.

HAMILTON, Bermuda, 2013-02-07 22:20 CET (GLOBE NEWSWIRE) -- Enstar Group
Limited ("Enstar") (Nasdaq:ESGR) and SeaBright Holdings, Inc. ("SeaBright")
(NYSE:SBX) announced today that one of Enstar's wholly-owned subsidiaries has
completed the previously announced merger with SeaBright, following which
SeaBright has become a wholly-owned subsidiary of Enstar. 

SeaBright stockholders received $11.11 per share in cash, for an aggregate
purchase price of approximately $252 million. The transaction was financed in
part by a bank loan facility provided by National Australia Bank Limited and
Barclays Bank PLC. 

Enstar will operate SeaBright's insurance operations in run-off. SeaBright and
its subsidiaries reported total assets of approximately $1.1 billion and total
liabilities of approximately $745 million in its quarterly report on Form 10-Q
for the third quarter of 2012. 

Enstar, a Bermuda company, acquires and manages insurance and reinsurance
companies in run-off and portfolios of insurance and reinsurance business in
run-off, and provides management, consultancy and other services to the
insurance and reinsurance industry. 

SeaBright is a holding company whose wholly-owned subsidiary, SeaBright
Insurance Company, is a multi-jurisdictional workers' compensation insurance
company. SeaBright also owns Paladin Managed Care Services, Inc., a company
that provides integrated managed medical care services, and PointSure Insurance
Services, Inc., a wholesale broker affiliate. Effective with the opening of the
market on February 8, 2013, SeaBright will cease to be a publicly traded
company and its common stock will discontinue trading on the NYSE. 

The Enstar Group Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5734 

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include statements regarding the intent, belief or current
expectations of Enstar and its management team. Such forward-looking statements
may include, but are not limited to, statements about the benefits of the
acquisition of SeaBright, including any impact on future financial and
operating results, statements about Enstar's plans, objectives, expectations
and intentions, and other statements that are not historical facts. Investors
are cautioned that any such forward-looking statements speak only as of the
date they are made, are not guarantees of future performance and involve risks
and uncertainties, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various factors. For
example, these forward-looking statements could be affected by factors
including, but not limited to: Enstar's ability to successfully manage the
acquired business by efficiently managing claims, collecting from reinsurers
and controlling run-off expenses; risks and uncertainties associated with
estimating loss reserves and loss adjustment expenses; the risk that the
anticipated benefits of the transaction may not be fully realized or may take
longer to realize than expected; and Enstar's ability to successfully manage
the acquired investment portfolio and achieve adequate investment returns. The
foregoing list of important factors is not exhaustive. Other important risk
factors regarding Enstar may be found under the heading "Risk Factors" in
Enstar's Form 10-K for the year ended December 31, 2011, and are incorporated
herein by reference. Other important risk factors regarding SeaBright may be
found under the heading "Risk Factors" in SeaBright's Form 10-K for the year
ended December 31, 2011, SeaBright's Form 10-Q for the three months ended June
30, 2012, and SeaBright's Form 10-Q for the three months ended September 30,
2012 and are incorporated herein by reference. Furthermore, Enstar undertakes
no obligation to update any written or oral forward-looking statements or
publicly announce any updates or revisions to any of the forward-looking
statements contained herein, to reflect any change in its expectations with
regard thereto or any change in events, conditions, circumstances or
assumptions underlying such statements, except as required by law. 


         Richard J. Harris
         Telephone: (441) 292-3645