Reinsurance News
10th May 2021
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. Key drivers of this rather substantial earnings increase include a reduction in net incurred losses and loss adjustment expenses ... Read the full article
4th May 2021
A wholly owned subsidiary of Enstar Group Limited has completed an adverse development cover (ADC) transaction with AXA XL, the property & casualty and specialty risk division of AXA. Under the terms of the arrangement, Enstar's subsidiary assumed reinsurance losses incurred on or prior to December 31st, 2019, on a diversified ... Read the full article
16th March 2021
Legacy specialist Enstar Group Limited and Stone Point Capital LLC have now completed the sale of StarStone Underwriting Limited and its managed Lloyd's Syndicate, 1301, to recently launched speciality insurer and reinsurer, Inigo Limited. Now finalised, Enstar, Stone Point and Dowling Funds received $30 million of consideration from the sale in ... Read the full article
1st March 2021
Legacy acquirer Enstar Group Limited has reported a rise in net earnings for 2020 to $1.7 billion from the $902.2 million reported a year earlier, driven by net realised and unrealised gains of $1.6 billion for the year. The significant level of realised and unrealised gains includes $1.3 billion relating to ... Read the full article
25th February 2021
AXA XL, the property & casualty and specialty risk division of AXA, has entered into an adverse development cover (ADC) agreement with a wholly owned subsidiary of Enstar Group Limited. The ADC agreement sees AXA XL secure coverage for 90% of potential adverse developments on its legacy long tail line reserves ... Read the full article
17th February 2021
Legacy acquirer Enstar is set to sell its subsidiary Pavonia Life to Aquarian Holdings for an undisclosed fee. Pavonia Life is a New York-domiciled insurance company licensed to underwrite business in New York and Delaware. The transaction is subject to customary closing conditions, including regulatory approval by the New York State Department ... Read the full article
8th February 2021
A wholly owned subsidiary of legacy acquirer, Enstar Group Limited, has completed a reinsurance transaction with Continental Casualty Company (CNA). Enstar's subsidiary has finalised a transaction to reinsure a legacy portfolio of excess workers' compensation business. Under the terms of the deal, CNA has ceded net insurance reserves to the subsidiary of ... Read the full article
15th January 2021
Enstar has entered an agreement with subsidiaries of ProSight Global to provide reinsurance relating to 2019 and prior year business. The transaction is subject to the closing of ProSight's acquisition by international investment management firm TowerBrook and Further Global Capital Management, a private equity firm with a focus on the financial ... Read the full article
31st December 2020
Legacy acquirer Enstar has signed an agreement with Continental Casualty Company, via one of its subsidiaries, to reinsure a legacy portfolio of excess workers’ compensation business. The transaction will see Enstar’s Cavello Bay Reinsurance assume net insurance reserves of approximately $690 million, relating to 2007 and prior year business. The closing of ... Read the full article
7th December 2020
Legacy acquirer Enstar Group Limited has entered into a new reinsurance deal with Liberty Mutual Insurance Europe SE (LMIE) that will see it assume approximately $420 million of legacy business. Under the terms of the agreement, Enstar will reinsure a number of insurance portfolios that were previously written out of LMIE’s ... Read the full article
1st December 2020
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of the sale and recapitalization of StarStone U.S. Holdings, Inc., via the sale of StarStone U.S. to Core Specialty Insurance Holdings, Inc. The recapitalization was led by SkyKnight Capital, L.P., Dragoneer Investment Group, and Aquiline Capital Partners ... Read the full article
18th November 2020
Speciality insurer Inigo is set to launch at Lloyd's of London following the acquisition of Enstar and Stone Point Capital's managing agency StarStone Underwriting (SUL), along with the right to operate Syndicate 1301. Enstar, Stone Point and venture capital firm Dowling will receive $30 million from the sale of SUL in the form ... Read the full article
6th November 2020
Legacy acquirer Enstar Group Limited has reported that its consolidated net earnings amounted to $615.0 million in the third quarter of 2020. This represents a major jump up from last year, when the company reported earnings of $117.7 million for the third quarter period. Looking at the first nine months of the ... Read the full article
2nd November 2020
Arch Capital and Watford Holdings have agreed a revised acquisition agreement that would see Arch purchase Watford at an increased price of $35 per share, or approximately $700 million. It's worth noting that 9.1% shareholder Enstar has entered into a voting support agreement with Watford and Arch, committing to vote all of ... Read the full article
20th October 2020
The unsolicited, non-binding proposal from Enstar Group Limited to acquire the common shares of Watford Holdings Ltd. could reasonably be expected to lead to a "Superior Proposal" as defined in Watford's merger agreement with Arch Capital Group Ltd., according to the firm's Board of Directors. On October 15th, legacy acquirer ... Read the full article
