Reinsurance News

Enstar

Enstar completes loss portfolio transfer with Argo

10th November 2022

Enstar has completed a loss portfolio transfer with underwriting firm Argo to reinsure a number of its direct US casualty insurance portfolios relating to accident years 2011 to 2019. Enstar’s subsidiary covers ground up reserves of $746m and an additional $275m of cover in excess of $821m, up to a policy ... Read the full article

Enstar reports net loss of $444mn in Q3 2022

3rd November 2022

Enstar Group has reported a net loss of $444 million in the third quarter of 2022, compared to a net loss of $196 million in the third quarter of 2021. This contrasted with the firm saying that its net loss for the year currently stands at $1.2 billion, compared to net ... Read the full article

Probitas 1492 to enter split RITC transaction with Enstar to cover exposures

5th September 2022

Probitas 1492, an underwriting Syndicate at Lloyd’s of London, has announced that its managing agent, Probitas Managing Agency Limited, has signed an agreement with Enstar to undertake a split reinsurance-to-close (RITC) transaction to cover previous account exposures. Specifically, the RITC will cover the 2018 and prior years of account exposures of ... Read the full article

Enstar files to shut down Enhanzed Re joint venture

19th August 2022

Legacy specialist Enstar is to shutter its Enhanzed Re joint venture, eliminating all catastrophe exposure. In a filing with the US Securities and Exchange Commission (SEC), the firm said it was transferring its share of the firm to Allianz. The filing reads: “On August 18, 2022, Cavello Bay, a wholly-owned subsidiary of ... Read the full article

Enstar in US casualty LPT deal with Argo

9th August 2022

Enstar Group has announced that it has entered into a major loss portfolio transfer (LPT) deal with specialty insurance underwriter Argo Group International Holdings. Under the terms of the LPT, Enstar will reinsure a number of Argo's direct U.S. casualty insurance portfolios, including construction, relating to accident years 2011 to 2019. A ... Read the full article

Enstar president lines up retirement for next year

7th July 2022

Enstar president Paul O’Shea is set to retire next year after nearly three decades with the firm. According to a statement from Enstar, O’Shea will remain as a member of the board of directors of Enstar. David Ni, who joined Enstar in 2019 as EVP of M&A and was appointed chief ... Read the full article

Enstar completes loss portfolio transfer with Aspen

24th May 2022

Enstar has completed a loss portfolio transfer with Aspen that will see the former assume net losses of $3.12bn. A release from the firm said that the net losses that could be assumed by Enstar were limited to $3.57bn. According to the company, the adverse development cover between the parties that ... Read the full article

Enstar reports net loss of $282m in Q1 2022

6th May 2022

Enstar has reported a net loss of $282m and return on equity of -5.0% in Q1 2022, according to its latest results. This contrasted with the firm saying that it had seen net earnings of $183m in Q1 2021, saying that it had seen a fall of 465%. Dominic Silvester, CEO of ... Read the full article

Enstar adds Orla Gregory to board of directors

25th February 2022

Enstar group has added Orla Gregory to its board of directors, which was recommended to the Board of Directors by the Nominating and Governance Committee, which is comprised entirely of independent directors. Gregory is the company’s acting Chief Financial Officer and Chief Operating Officer. She was appointed to the role of ... Read the full article

Enstar Group reports net earnings in 2021 of $437m

24th February 2022

Enstar Group is reporting net earnings for 2021 of $437m. The company, in releasing its results, said that it had net investment income of $312m, with net unrealised gains of $178m. The latter is made up of $384m, offset by $206m of losses. In a statement, Enstar Group said the return on ... Read the full article

Enstar raises $500m in subordinated debt issuance

13th January 2022

A subsidiary of legacy specialist, Enstar Group Limited, has raised $500 million through the offering of Fixed-Rate Reset Junior Subordinated Notes. Enstar Finance LLC priced $500 million aggregate principal amount of 5.500% Fixed-Rate Reset Junior Subordinated Notes due 2042, fully and unconditionally guaranteed, on a junior subordinated basis, by its parent. The ... Read the full article

Enstar enters into $3.12bn LPT transaction with Aspen

11th January 2022

A wholly owned subsidiary of Enstar Group Limited has reached an agreement for a ground-up loss portfolio transfer (LPT) with Aspen Insurance Holdings Limited for its 2019 and prior business. Under the terms of the arrangement, Enstar's subsidiary will reinsure losses incurred on or prior to December 31st, 2019, on a ... Read the full article

$196mn Q3 net loss for Enstar despite robust 9M

4th November 2021

Enstar Group has reported a consolidated net loss totalling $196 million for 2021’s third quarter, driven by a $285.2 million hit attributable to InRe Fund, a consolidated variable interest entity impacted by “significant” volatility in Chinese and other global equity markets Performance across the first nine months of 2021 is more ... Read the full article

Enstar closes £400mn ADC with RSA

6th October 2021

A subsidiary of legacy specialist Enstar has closed a previously announced agreement with Royal & Sun Alliance Insurance (RSA) to provide adverse development cover (ADC) for certain UK, Irish, and other business of RSA and its subsidiaries. This deal was first announced this year in July and was expected to ... Read the full article

Enstar takes controlling stake in Enhanzed Re

2nd September 2021

Enstar has announced that one of its subsidiaries has completed the purchase of the entire 27.7% interest in Enhanzed Re previously held by an affiliate of Hillhouse Group. The purchase price of $217.1 million is based on 90% of Enhanzed Re’s total shareholders’ equity as of June 30, 2021 and is ... Read the full article