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Enstar

Enstar hires Zachary Wolf as new CFO

1st September 2020

Legacy acquirer, Enstar Group Limited has announced the appointment of Zachary Wolf as Deputy Chief Financial Officer (CFO), joining the company on September 21st, 2020. Wolf will be succeeding current CFO, Guy Bowker, who will be staying in his position until 28th February as he will be overseeing a smooth transition. ... Read the full article

Enstar enters recapitalization agreement ahead of StarStone deal

18th August 2020

Bermuda based insurance, reinsurance and run-off specialist Enstar Group has entered into a recapitalization agreement ahead of its previously announced exchange transaction involving Atrium & StarStone US. Last week, Enstar announced that it plans to grow its interest in StarStone US by exchanging a part of its holding in Northshore ... Read the full article

Enstar, Stone Point reveal exchange transaction involving Atrium & StarStone US

14th August 2020

Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced an exchange agreement with Trident V, L.P. and its affiliated funds managed by Stone Point Capital. The transaction, if approved by regulators, will result in Enstar owning a greater share in StarStone US and the Trident V Funds owning a greater ... Read the full article

Enstar earnings rebound on investment gains

10th August 2020

Legacy acquirer Enstar Group has reported a more than threefold increase in net earnings for the second quarter of the year, primarily driven by strong investments performance. Enstar reported net earnings of $798.6 million in Q2 2020, compared to $231.8 million for the same period last year. The increase was mainly due ... Read the full article

Enstar closes purchase of Great Lakes, HSB run-off portfolios

3rd July 2020

Legacy acquirer Enstar Group has announced that one of its wholly-owned subsidiaries has acquired certain portfolios from the Australian branches of Great Lakes Insurance SE and HSB Engineering Insurance Limited, both part of Munich Re group. This deal was first announced late last year and was described as primarily consisting of long ... Read the full article

Enstar looking at “strategic options” for StarStone International

18th June 2020

Legacy acquirer Enstar Group says it is considering “strategic options” for its StarStone International operations. Enstar had previously announced that StarStone International had contributed its renewal rights to Atrium Underwriters Limited, which manages Lloyd’s Syndicate 609. International business not assumed by Atrium will be placed into an orderly run-off, Enstar said. The liabilities ... Read the full article

Enstar’s Clarendon agrees LPT & ADC reinsurance agreement with StarStone US

12th June 2020

Clarendon National Insurance Company, a wholly-owned subsidiary of Enstar, is to enter into a loss Portfolio Transfer (LPT) and Adverse Development Cover (ADC) reinsurance arrangement with StarStone US. Enstar announced yesterday the recapitalisation of StarStone US, revealing plans for a push back into the property and casualty (P&C) insurance markets, ... Read the full article

Enstar announces $610mn StarStone US recapitalisation

11th June 2020

Enstar Group Limited has agreed to a $610 million recapitalisation of StarStone U.S. Holdings, Inc. led by SkyKnight, Dragoneer, and Aquiline, as the company repositions towards specialty excess & surplus (E&S) growth. Investors SkyKnight Capital, L.P., Dragoneer Investment Group and Aquiline Capital Partners LLC have committed $610 million in fresh equity ... Read the full article

Enstar completes ADC reinsurance deal with Aspen

2nd June 2020

Legacy acquirer Enstar Group Limited has completed its previously announced adverse development cover (ADC) reinsurance transaction with Bermuda domiciled re/insurer Aspen. Under the terms of the transaction, one of Enstar’s wholly owned subsidiaries has assumed reinsurance losses incurred by Aspen on or prior to December 31, 2019. The losses relate to ... Read the full article

Enstar posts $516.8mn Q1 loss as COVID-19 dents investment portfolio

8th May 2020

Enstar Group Limited recently announced a net loss of almost $517 million for the opening quarter of 2020, driven by $612.6 million of unrealised investment losses owing to COVID-19 related financial market turmoil. Enstar's sizeable Q1 2020 net loss compares with net earnings of $358.8 million reported in the first-quarter of ... Read the full article

Enstar CFO Guy Bowker to resign

15th April 2020

Legacy acquirer Enstar Group Limited has announced that its Chief Financial Officer (CFO) and principal accounting officer, Guy Bowker, has informed the company of his intention to resign. Enstar states that Bowker will remain with the firm for an extended period (expected to be until March 2021) in order to ensure ... Read the full article

Enstar to reinsure $465mn of Lyft’s legacy automobile business

1st April 2020

A wholly owned U.S. subsidiary of legacy acquirer Enstar Group Limited has entered into a novation agreement with affiliates of ridesharing company Lyft, Inc. and certain underwriting companies of Zurich North America, a division of global insurer Zurich. Under the terms of the novation agreement, Enstar will reinsure legacy automobile business ... Read the full article

Aspen enters into ADC reinsurance agreement with Enstar

3rd March 2020

Bermuda domiciled insurer and reinsurer, Aspen Insurance Holdings Limited, has entered into an adverse development cover (ADC) reinsurance arrangement with wholly owned subsidiaries of Enstar Group Limited. Under the terms of this ADC reinsurance agreement, Enstar's subsidiary will reinsure losses incurred on or prior to December 31st, 2019 on a diversified ... Read the full article

Enstar’s Sandra Boss to depart board of directors

27th February 2020

Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced the departure of Sandra Boss from its board of directors. Effective April 1, Boss will vacate her position to pursue a full-time executive role with another company. Boss has been a director of Enstar since 2015, serves as chair of ... Read the full article

Enstar expands $1bn credit facility to finance reinsurance deals

12th December 2019

Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has increased the total commitments under its $1 billion credit facility to support potential future reinsurance deals. Last year, Enstar and certain subsidiaries entered into a five-year unsecured $600 million revolving credit agreement with a group of lenders. The ... Read the full article

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