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EXHIBIT 99.1
THE ENSTAR GROUP, INC. ANNOUNCES
COMPLETION OF ACQUISITION
Montgomery, Alabama -- July 5, 2000... The Enstar Group, Inc. ("Enstar")
(ESGR:OTC) today announced the completion of the transaction previously
announced on April 12, 2000. Enstar and its co-investors have formed B.H.
Acquisition Limited in Bermuda, which has acquired two reinsurance companies,
Brittany Insurance Company Ltd., incorporated under the laws of Bermuda, and
Compagnie Europeenne d'Assurances Industrielles S.A., a Belgian corporation. In
exchange for approximately $9.6 million, Enstar received 50% of the voting
stock and a 33% economic interest in B.H. Acquisition. Enstar's total
contribution to B.H. Acquisition included approximately $200,000 of expenses
and working capital.
* * *
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. Prospective investors are
cautioned that any such forward-looking statements 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. Important factors currently known to management that
could cause actual results to differ materially from those in forward-looking
statements contained in this press release are set forth in the Safe Harbor
Compliance Statement for Forward-Looking Statements included as Exhibit 99.1 to
Enstar's Form 10-Q for the quarter ended March 31, 2000, and are hereby
incorporated herein by reference.
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