Reinsurance News
Enstar
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
Zachary Wolf to step down as Enstar CFO
11th August 2021
Enstar Group has announced that Zachary Wolf will be stepping down from his position as Chief Financial Officer at the end of September. Orla Gregory, who is currently Chief Operating Officer, has been named Acting Chief Financial Officer, with Michael Murphy, current Chief Accounting Officer, serving as Deputy Chief Financial Officer. Gregory ... Read the full article
Enstar subsidiary inks reinsurance contract with ProSight Global
4th August 2021
A subsidiary of legacy specialist Enstar Group has secured a deal with ProSight Global to provide reinsurance relating to 2019 and prior year business. In signing the deal, ProSight will receive a ground up loss portfolio transfer of discontinued workers’ compensation and excess workers’ compensation lines, as well as adverse development ... Read the full article
Enstar agrees £400m ADC with RSA
28th July 2021
A wholly-owned subsidiary of Enstar Group Limited has signed an agreement with Royal & Sun Alliance Insurance Limited (RSA) to provide adverse development cover (ADC) for certain businesses of RSA and its subsidiaries, in exchange for premium. The ADC will provide £400 million of aggregate cover in excess of a £2.595 ... Read the full article
Enstar set for $880mn share repurchase, $229mn stake in Enhanzed Re
15th July 2021
Legacy specialist Enstar Group is set to repurchase 3,749,400 of ordinary shares currently held by Hillhouse Capital Management for a total of $879.3 million. The shares represent Hillhouse’s entire interest in Enstar and consist of 16.9% total ordinary shares and 9.4% voting ordinary shares. The transaction is expected to close within a ... Read the full article
Enstar announces $520mn LPT for Hiscox
3rd June 2021
A wholly owned subsidiary of Enstar Group Limited has reinsured a diversified portfolio of legacy insurance underwritten by Hiscox Syndicate 3624. The Loss Portfolio Transfer (LPT) between Enstar's Syndicate 2008 and Hiscox includes the majority of Hiscox USA's surplus lines broker business. Through the arrangement, Hiscox has ceded net insurance reserves of ... Read the full article
Enstar announces $183mn in Q1 net earnings
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
Enstar completes ADC reinsurance transaction with AXA XL
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
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