Reinsurance News
Enstar
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
Enstar looking at “strategic options” for StarStone International
18th June 2020
Legacy acquirer Enstar Group says it is considering “strategic options” for its StarStone International operations. Enstar had previously announced that StarStone International had contributed its renewal rights to Atrium Underwriters Limited, which manages Lloyd’s Syndicate 609. International business not assumed by Atrium will be placed into an orderly run-off, Enstar said. The liabilities ... Read the full article
Enstar’s Clarendon agrees LPT & ADC reinsurance agreement with StarStone US
12th June 2020
Clarendon National Insurance Company, a wholly-owned subsidiary of Enstar, is to enter into a loss Portfolio Transfer (LPT) and Adverse Development Cover (ADC) reinsurance arrangement with StarStone US. Enstar announced yesterday the recapitalisation of StarStone US, revealing plans for a push back into the property and casualty (P&C) insurance markets, ... Read the full article
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