Hashtag: #Enstar
Enstar Group ‘Go-Shop’ Period Expires
Enstar Group Limited announced that its 35-day “go-shop” period ended without receiving any alternative acquisition proposals, as part of its $5.1 billion merger agreement with Sixth Street. A spokesperson said, “Enstar Group Limited Today announced the expiration of the 35-day “go-shop” period as provided in the previously announced definitive... Read more of this article
Enstar Group Completes $442M Deal With IAG
Enstar Group Limited has completed the previously announced transaction between one of its wholly owned subsidiaries with Insurance Australia Limited, on behalf of Insurance Australia Group [IAG], following receipt of the relevant regulatory approvals and satisfaction of the final closing conditions. A spokesperson said, “Under the terms of... Read more of this article
Enstar To Enter $376M Loss Portfolio Transfer
Enstar Group announced that one of its wholly owned subsidiaries has reached an agreement to provide a ground-up Loss Portfolio Transfer [LPT] with certain subsidiaries of QBE Insurance Group Limited [QBE]. A spokesperson said, “The transaction involves a diversified portfolio of US commercial liability and workers’ compensation business, largely... Read more of this article
Enstar Group Preference Share Dividends
Enstar Group Limited announced that it will pay cash dividends on its Series D and Series E preference shares. A spokesperson said, “Dividends on Enstar’s Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share [each of which represents a 1/1,000th interest in a Series D Preference Share]... Read more of this article
Enstar Group To Be Acquired By Sixth Street
Enstar Group announced that it has “entered into a definitive merger agreement under which Sixth Street will acquire Enstar, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors participating in the transaction. ” A spokesperson said, “Enstar shareholders will receive a total of $338.00 in cash... Read more of this article
Enstar’s Subsidiaries Complete Reinsurance Deal
Enstar Group Limited announced that one of its wholly owned subsidiaries has completed a transaction to reinsure legacy business written by Accredited Surety and Casualty Company, Inc. and Accredited Insurance [Europe] Limited. A spokesperson said, “Enstar has provided reinsurance in connection with the acquisition of Accredited by Onex Partners. “The... Read more of this article
Enstar Agrees Cover Transaction With IAG
Enstar Group Limited announced that one of its wholly owned subsidiaries has signed an adverse development cover agreement with Insurance Australia Limited, on behalf of Insurance Australia Group [IAG]. A spokesperson said, “Under the terms of the agreement Enstar will provide approximately the equivalent of US$430 million [AU$650m] of excess... Read more of this article
Enstar Group Preference Share Dividends
Enstar Group Limited announced that it will pay cash dividends on its Series D and Series E preference shares. A spokesperson said, “Dividends on Enstar’s Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share [each of which represents a 1/1,000th interest in a Series D Preference Share]... Read more of this article
Enstar Releases Q1 2024 Financial Results
Enstar Group Limited released its first quarter 2024 financial results. A spokesperson said, “First Quarter 2024 Highlights: Net income attributable to Enstar ordinary shareholders of $119 million, or $8.02 per diluted ordinary share, compared to $424 million, or $24.79 per diluted ordinary share, for the three months ended March 31, 2023. Return... Read more of this article
Enstar Agrees $400M Loss Portfolio Transfer
Enstar Group Limited announced that one of its wholly-owned subsidiaries has reached an agreement for a loss portfolio transfer with a subsidiary of SiriusPoint Ltd. to reinsure a $400 million portfolio of Workers’ Compensation business covering underwriting years 2018 to 2023. A spokesperson said, “Under the reinsurance agreement, which will... Read more of this article
S&P Global Ratings On Enstar Subsidiary
Enstar Group Limited announced today that the ratings agency S&P Global Ratings has assigned an Insurer Financial Strength Rating of ‘A’ with stable outlook to its Bermuda-based, wholly owned subsidiary, Cavello Bay Reinsurance Limited. A spokesperson said, “Cavello Bay is Enstar’s primary non-life run-off consolidator, and a Class 3B... Read more of this article
Enstar Group Preference Share Dividends
Enstar Group Limited announced that it will pay cash dividends on its Series D and Series E preference shares. A spokesperson said, “Dividends on Enstar’s Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share [each of which represents a 1/1,000th interest in a Series D Preference Share]... Read more of this article
