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SeaBright stockholders approve acquisition by Enstar

SeaBright has received shareholder approval for merger with Enstar Group, in a $11.11 per share in cash deal.

Earlier in August 2012, both partied accepted to proceed with the merger and entered into a definitive agreement.

The transaction is likely to close in the fourth quarter of 2012 or the first quarter of 2013, after receipt of governmental and regulatory approvals as well as satisfaction or waiver of the closing conditions.

Through its subsidiaries, SeaBright provides multi-jurisdictional workers’ compensation insurance in the US as well as services to maritime employers with coverage needs over land, shore, and navigable waters.

Enstar is a Bermuda-based company which acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.