Reinsurance News

Enstar announces $183mn in Q1 net earnings

10th May 2021 - Author: Charlie Wood

Legacy specialist Enstar Group has reported consolidated net earnings of $183.2 million for the opening quarter of 2021, compared to a consolidated net loss of $516.8 million in the prior year quarter.

enstarKey drivers of this rather substantial earnings increase include a reduction in net incurred losses and loss adjustment expenses of $55.5 million, which comprised favorable development on prior periods of $109.6 million.

This itself was partially offset by current period losses of $54.1 million related to the StarStone International business that was placed into run-off in June 2020, for which there is current period earned premium.

The favourable development on prior periods was driven by a decrease of $75.5 million in the fair value of insurance contracts for which Enstar have elected the fair value option.

The decrease in the fair value was driven by an increase in corporate bond yields; and Earnings from equity method investments of $118.0 million.


Non-GAAP operating income for the quarter was $283.7 million, compared to non-GAAP operating loss of $337.8 million in 2020.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
North Atlantic Hurricane losses could increase 24% by 2050: RMS

Catastrophe risk modelling and solutions company RMS has revealed that according to its new Climate Change Models, insured average annual...