Reinsurance News
Enstar
Enstar appoints Gregory as President as O’Shea retires
6th March 2023
Enstar has appointed Orla Gregory as president following the retirement of Paul O’Shea, which came into effect on March 1, 2023. The company announced his planned retirement in the summer of 2022, and has since provided a smooth transition of leadership of the company's M&A activities to chief strategy officer, ... Read the full article
Investment volatility drives Enstar to $906m loss
1st March 2023
Enstar Group has reported a net loss of $906 million for 2022, after booking an investment segment loss of $1.3 billion due to volatility in the market. The company’s headline performance metric was much lower than the net earnings of $502 million that it posted for 2021, despite its run-off segment ... Read the full article
Enstar to enter Loss Portfolio Transfer with RACQ
22nd February 2023
Enstar Group has announced that one of its wholly-owned subsidiaries has signed a Loss Portfolio Transfer (LPT) agreement with RACQ Insurance to reinsure 80% of RACQ’s motor vehicle Compulsory Third Party (CTP) insurance liabilities covering accident years 2021 and prior. RACQ will cede net reserves of approximately AUD$360 million, while Enstar’s ... Read the full article
Enstar to enter $1.9bn Loss Portfolio Transfer with QBE
17th February 2023
Enstar Group has announced that its wholly-owned subsidiaries have reached an agreement for a ground-up Loss Portfolio Transfer (LPT) with certain subsidiaries of QBE on a diversified portfolio of business. Enstar states that this business covers International and North American financial lines, European and North American reinsurance portfolios, and several US discontinued ... Read the full article
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
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