Reinsurance News
Enstar
Enstar gets S&P ‘A’ rating for reinsurer Cavello Bay
26th March 2024
Enstar Group has revealed that S&P Global Ratings has assigned an Insurer Financial Strength Rating of ‘A’ with a stable outlook to its Bermuda-based, wholly-owned subsidiary, Cavello Bay Reinsurance Limited. Matthew Kirk, Enstar’s Chief Financial Officer, commented on the issuance, “The S&P Insurer Financial Strength Rating is further confirmation of our ... Read the full article
Enstar reports net income of $1.1bn with ROE of 24.2% for FY23
20th February 2024
Enstar has released its full-year 2023 results, announcing net income of $1.1 billion compared to a net loss of $906 million for 2022. The firm's return on equity (ROE) of 24.2% for the year improved significantly from the prior year. The strong ROE performance was driven by investment returns of $1.1 ... Read the full article
SiriusPoint, Riverstone Intl., Enstar Group & more rule out insuring EACOP
19th January 2024
A number of organisations have officially ruled out involvement in the controversial East African Crude Oil Pipeline (EACOP) project, including re/insurance market players SiriusPoint, Riverstone International, Enstar Group, and specialty insurers Blenheim and SA Meacock. 28 re/insurers have now declared they will not offer insurance for EACOP because of the significant ... Read the full article
Enstar subsidiary takes ownership of StarStone Specialty
27th December 2023
Kenmare Holdings Ltd., a wholly owned subsidiary of Enstar Group Limited, entered into a purchase agreement with Trident V, L.P. along with their affiliated funds, Dowling Capital Partners I, L.P. and Capital City Partners LLC, to acquire all of the remaining common shares of StarStone Specialty Holdings Limited. Bermuda-based insurance, reinsurance ... Read the full article
Bermuda to remain highly competitive jurisdiction following introduction of 15% minimum tax
17th November 2023
Re/insurers welcome the introduction of a 15% minimum tax in Bermuda by the Government of Bermuda and expect it to remain a highly competitive jurisdiction. On 8 August 2023, the Government of Bermuda announced that it had opened a series of consultations on proposals to introduce a corporate income tax (CIT) ... Read the full article
Enstar sees net earnings of $38m in Q3 with ROE of 0.9%
8th November 2023
Enstar has reported a significant improvement in its Q3 2023 results, seeing net earnings of $38 million, up from a net loss of $432 million in the same period last year. This figure brings net earnings attributable to Enstar ordinary shareholders of $483 million for the first 9M of 2023, compared ... Read the full article
Enstar closes previously announced transaction with AIG
2nd November 2023
Enstar Group Limited has announced that one of its wholly-owned subsidiaries has closed the previously announced transaction with American International Group (AIG), to provide protection to AIG on its retained exposure to adverse development on Validus Re's loss reserves. The transaction was first announced in September. As per the agreement, Enstar ... Read the full article
Enstar enters an adverse development cover agreement with AIG
7th September 2023
Enstar Group Limited has announced one of its subsidiaries has signed an agreement with American International Group, Inc. to provide protection against adverse development on a portion of Validus Re’s loss reserves. It is one of Enstar’s wholly-owned subsidiaries that has joined this agreement. AIG retains exposure to some portion of Validus ... Read the full article
Sarah Ruberry joins Enstar as Group Chief Compliance Officer
8th August 2023
Sarah Ruberry has joined the Enstar Group, a Bermuda based re/insurance and run-off specialist, as Group Chief Compliance Officer. Ruberry brings over two decades of industry experience to her new role. Prior to Enstar, she served for almost three years as CEO of Catalina General, a wholly owned Bermuda-domiciled reinsurance company ... Read the full article
Enstar sees Q2 net earnings of $21m compared to net loss a year ago
3rd August 2023
Enstar Group Limited has disclosed Q2 net earnings of $21 million, up substantially compared to a net loss of $434 million in the same period last year. Combined with Q1, net earnings for the first half a year now stand at $445 million, much improved compared to a net loss of ... Read the full article
Enstar completes loss portfolio transfer with RACQ
2nd June 2023
Legacy specialist Enstar Group announced that one of its wholly-owned subsidiaries closed a previously announced 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. Effective from July 1, 2022, the reinsurance agreement entails ... Read the full article
Enstar posts net earnings in Q1’23 vs year-ago loss
4th May 2023
Enstar Group reported a net earnings of $424 million in the first-quarter of 2023, compared to net loss of $267 million in Q1 2022. Return on equity (ROE) was 9.5% in Q1 of 2023, compared with (4.6)% the previous year, while adjusted ROE was 6.8% for the quarter compared to (1.1)% ... Read the full article
Enstar closes $1.9bn LPT with QBE Insurance
11th April 2023
Legacy specialist Enstar Group's wholly owned subsidiaries have completed a Loss Portfolio Transfer (LPT) transaction with certain subsidiaries of QBE Insurance Group on a diversified portfolio of business. The transaction covers International and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs. Under the LPT, Enstar’s ... Read the full article
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