Reinsurance News
Enstar
Enstar shareholders approve acquisition by Sixth Street
8th November 2024
Global legacy re/insurance specialist Enstar Group Limited, has confirmed it is to be acquired by Sixth Street after it received the necessary shareholder approval. Sixth Street had previously proposed to acquire Enstar in a $5.1 billion transaction, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors ... Read the full article
Enstar completes second property ILS transaction with acquisition of Bermuda reinsurer
6th November 2024
Enstar Group Limited, a company specialising in managing runoff insurance and reinsurance portfolios, through its wholly-owned subsidiary, Cavello Bay Reinsurance Limited, has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company. The newly acquired reinsurer underwrote property reinsurance business between 2020 and 2023 on behalf of third-party investors, assuming the ... Read the full article
Enstar finalises $376m loss portfolio transfer agreement with QBE
1st November 2024
Enstar Group Limited, a company specialising in managing runoff insurance and reinsurance portfolios, recently confirmed that one of its wholly-owned subsidiaries has finalised a previously announced loss portfolio transfer agreement with subsidiaries of QBE Insurance Group Limited. Through this agreement, Enstar reinsures a portfolio of US commercial liability and workers’ compensation ... Read the full article
Enstar names Brockman Chief Commercial Officer ahead of President Gregory’s retirement
30th October 2024
Global legacy re/insurance specialist Enstar Group Limited has appointed Paul Brockman to the newly created role of Chief Commercial Officer, effective immediately, with Adrian Thornycroft set to join the firm in May of next year as Chief Administrative Officer. These changes to Enstar's executive leadership team are in connection with the ... Read the full article
Enstar completes $400m LPT with SiriusPoint
1st October 2024
A wholly owned subsidiary of legacy specialist Enstar Group has closed the previously announced $400 million loss portfolio transfer (LPT) with a subsidiary of Bermuda-based insurer and reinsurer, SiriusPoint. This transaction sees Enstar's subsidiary reinsure a $400 million portfolio of workers’ compensation business, covering the underwriting years 2018 to 2023. Under ... Read the full article
Enstar’s “go-shop” period has expired, Sixth Street merger expected to close in mid-2025
4th September 2024
Global insurance group Enstar has announced that its 35-day “go-shop” period, provided with the previously announced definitive merger agreement with Sixth Street, expired on September 2, 2024. The definitive merger agreement involves Sixth Street acquiring Enstar in a $5.1 billion transaction, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, ... Read the full article
Enstar completes ADC agreement with IAG for long-tail reserves coverage
29th August 2024
Enstar has completed a transaction between its wholly-owned subsidiary, Cavello Bay Reinsurance Limited, and Insurance Australia Limited, on behalf of IAG, to provide adverse development cover (ADC) for IAG’s long-tail reserves. IAG announced this transaction in June 2024, alongside a five-year natural perils reinsurance agreement with National Indemnity Company and ... Read the full article
QBE de-risks exposure to reserves via $1.6bn transaction with RiverStone & Enstar
9th August 2024
Australian insurer QBE has entered into a reserve transaction with RiverStone International and Enstar, that will de‑risk its exposure to reserves totalling approximately $1.6 billion, effective July 1st, 2024. The transactions are expected to close during Q2 2024, subject to regulatory approvals, and include all North America middle-market reserves up to ... Read the full article
Enstar agrees $376m ground-up LPT with QBE
9th August 2024
One of global insurer Enstar Group Limited’s wholly-owned subsidiaries has agreed to provide a ground-up Loss Portfolio Transfer (LPT) with certain subsidiaries of QBE Insurance Group Limited (QBE), covering a diversified portfolio of US commercial liability and workers’ compensation business, largely underwritten on recently discontinued programs. Under the terms of the ... Read the full article
Enstar reports $126m net income with ROE of 2.5% in Q2’24
30th July 2024
Global insurance group Enstar has reported net earnings of $126 million for the second quarter of 2024, a substantial increase from $21 million in Q2 2023. The company's return on equity (ROE) improved to 2.5% this quarter, compared to 0.5% from the previous year, while adjusted ROE was 2.9% for the ... Read the full article
Sixth Street to acquire Enstar in $5.1bn transaction
29th July 2024
Global insurance group Enstar is set to be acquired by existing investor Sixth Street in a $5.1 billion transaction, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors participating in the deal. Upon closing of the transaction, Enstar shareholders will receive a total of $338.00 in cash ... Read the full article
Enstar EU promotes Crossley to CEO
17th July 2024
Enstar EU has promoted Nick Crossley to Chief Executive Officer (CEO), subject to regulatory and Board approvals. The executive will replace Paul Brockman, who has served as Interim CEO of Enstar EU since January 2024. However, it has been confirmed that Brockman will retain his position as Group Chief Operating Officer. Crossley has ... Read the full article
Onex completes acquisition of R&Q’s Accredited
28th June 2024
P&C program manager Accredited has announced the successful completion of its acquisition by Onex Partners, and has also revealed the completion of a legacy reinsurance transaction with insurance group Enstar in connection with the acquisition. This acquisition follows R&Q's provisional liquidation in Bermuda, allowing the conditional sale of its ... Read the full article
IAG reduces earnings volatility with long-term reinsurance agreements
28th June 2024
IAG has purchased reinsurance protection to mitigate natural perils volatility for the next five years, alongside securing adverse development cover for its long-tail reserves from Enstar. IAG has entered into a comprehensive five-year natural perils reinsurance agreement starting from July 2024 with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc ... Read the full article
Enstar posts $119m net income in Q1, ROE sits at 2.4%
3rd May 2024
Enstar Group has posted net earnings of $119 million in the first quarter of 2024, compared to net earnings of $424 million in Q1 2023. Return on equity (ROE) was 2.4% for the quarter, compared to 9.5% from the previous year, while adjusted ROE was 2.6% for the quarter compared to ... Read the full article
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