Enstar Group has announced that Enstar Holdings (US) has acquired BorgWarner Morse from BorgWarner.
Enstar described BorgWarner as a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. Morse TEC holds approximately $0.8 billion liabilities associated with personal injury asbestos claims and environmental claims arising from BorgWarner’s legacy manufacturing operations.
Morse TEC's assets include, among others, insurance rights related to coverage against these liabilities and cash and marketable securities.
“Enstar continues to provide market-leading legacy solutions for large corporates and their historic liabilities,” said Dominic Silvester, Enstar's CEO. “This is our second acquisition of a non-insurance company and we see a growing potential market here as we expand our business.”
Enstar, purchase, non-insurance, BorgWarner