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Enstar

Rebranded Core Specialty completes StarStone U.S. recapitalization

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

Speciality insurer Inigo set to launch at Lloyd’s following StarStone acquisition

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

Enstar earnings jump in Q3

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

Arch steps up Watford pursuit with Enstar-backed revised offer

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

Enstar’s latest Watford bid could lead to a “Superior Proposal”

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

Enstar closes first US insurance business transfer

16th October 2020

Enstar Group Limited has announced the close of what it says is the first ever insurance business transfer (IBT) to occur in the United States. The transaction occurred between two of Enstar’s subsidiaries, Providence Washington Insurance Company (PWIC) and Yosemite Insurance Company (Yosemite). An IBT is a direct transfer of liabilities between ... Read the full article

Enstar ups bid for Watford to $686mn, threatens legal action over Arch deal

15th October 2020

Legacy acquirer Enstar has written to the board of Watford Holdings offering a revised acquisition offer of $686 million, as well as strongly criticising its handling of previous takeover attempts and subsequent agreement with Arch. It was confirmed earlier this week that Arch had reached an agreement with Watford to ... Read the full article

Enstar looks to begin due diligence on Watford Re proposal

6th October 2020

Enstar Group Limited has asked Watford Re to enter into a non-disclosure agreement to let it begin due diligence on a potential acquisition. Last week, Enstar delivered a letter to the Board of Directors of Watford Re, indicating its desire to acquire all of the company’s outstanding shares. Now, in a ... Read the full article

Enstar looks to buy Watford Re

1st October 2020

Enstar Group Limited recently delivered a letter to the Board of Directors of Watford Re indicating its desire to acquire all of the company's outstanding shares, after raising its stake in the reinsurer in the third-quarter. According to a recent sec filing, on September 30th, 2020, Enstar sent a letter to ... Read the full article

Enstar adds former XL Chief Actuary, Susan Cross to Board

21st September 2020

Enstar Group Limited has announced the addition of Susan Cross to its Board of Directors as a Class III director, serving on the firm's Audit Committee and Risk Committee, effective October 1st, 2020. Cross currently serves on the board of Unum Group, a Fortune 500 publicly held insurer. Previously, she served ... Read the full article

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

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