Bermuda-based insurance, reinsurance, run-off and legacy specialist, Enstar Group Limited (Enstar), has reported higher consolidated net earnings of $231.8 million and $590.6 million for the second-quarter and first-half of 2019, respectively.
For Q2, Enstar’s net earnings increased significantly from the $8.2 million recorded in Q2 2018, while the firm’s H1 2019 earnings compares to a net loss of $33 million for the first-half of 2018.
Enstar says that the primary driver of its significantly improved result in Q2 2019 when compared with last year, were net realised and unrealised gains on fixed income investments of $194.7 million, compared to net realised and unrealised losses of $64.7 million in the second-quarter of 2018.
At the same time, net realised and unrealised gains on equities and other investments of $75 million in Q2 2019, increased from the $10.3 million of net realised and unrealised gains on equities and other investments recorded in Q2 2018.
Enstar’s Atrium group of companies, which manage and underwrite specialty re/insurance business for Lloyd’s Syndicate 609, contributed net earnings of $6.1 million for the second-quarter of 2019.
The StarStone group companies, a global specialty insurance group with multiple international underwriting platforms, recorded a net loss of $33.2 million in Q2 2019, which Enstar attributes to the ongoing repositioning of the underwriting portfolio by the leadership team.
The Bermudian’s non-GAAP operating income totalled $103.2 million in Q2 2019 and $302.9 million in H1 2019, compared with $83 million and $122.6 million in the same periods in 2018, respectively.
