Enstar Group announced today that it acquired Torus Insurance for US$692 million. The definitive agreement came after the recent announcement of Dermont O'Donohue's naming as Group Chief Executive Officer of torus Insurance.
Nearly two million voting shares will be issued by Enstar in light of the buyout. Furthermore, a total of 711,000 fresh non-voting preferred shares were announced for approval as well. The aggregate value of the shares is estimated to be US$346 million.
The appointment of Dermot O'Donohoe to Group Chief Executive Officer took effect immediately after the announcement. His successor was Clive Tobin, who stated that the reason for his stepping down was retirement to the industry.
"It has been a privilege to lead Torus from a start-up to the company it is today and to work with a team of such exceptional people. On joining Torus I had made it clear of my intent to step down once the company entered the next stage of its development and this is the appropriate time. I want to thank all Torus employees for their dedication and contributions to building a very special company and I wish the team every success for the future," announced the outgoing CEO.
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