BorgWarner is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles
Enstar Group Limited announced today that Enstar Holdings (US) has acquired BorgWarner Morse TEC, from BorgWarner Inc (“BorgWarner”).
BorgWarner is 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.
Dominic Silvester, Enstar’s Chief Executive Officer, said:
“Enstar continues to provide market-leading legacy solutions for large corporates and their historic liabilities. This is our second acquisition of a non-insurance company and we see a growing potential market here as we expand our business.”
Source: Company Press Release