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Enstar

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

Enstar finalises sale of StarStone Underwriting to Inigo

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

Enstar’s net earnings rise by 89% on $1.6bn of realised & unrealised gains

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

AXA XL enters into ADC agreement with Enstar

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

Enstar to sell Pavonia Life to Aquarian

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

Enstar completes $690mn workers’ comp reinsurance transaction with CNA

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

Enstar announces key reinsurance deal with ProSight

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

Enstar, CNA agree $690mn workers’ comp reinsurance transaction

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

Enstar inks $420mn reinsurance deal with Liberty Mutual

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

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

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