Enstar to buy SeaBright in $252mn deal
The run-off industry's willingness to buy cheap, under-performing live (re)insurers was demonstrated late yesterday (27 August) with news that Enstar Group is to acquire SeaBright Insurance Holdings in a transaction valued at $252mn.
The agreed purchase price represents a 34 percent premium to yesterday's closing price ($8.27) but is still only 0.7x SeaBright's book value, highlighting the significant discount in the insurer's stock price.
SeaBright, a workers' compensation insurer headquartered in Seattle, has seen its share price decline in recent...
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