Reinsurance News
Enstar
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
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
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