Enstar Group Reports Third Quarter Results

November 5, 2021 | 0 Comments

Enstar Group Limited filed its quarterly report on Form 10-Q with the SEC, reporting its earnings [loss] and financial position for the three and nine months ended September 30, 2021.

The company said, “Enstar reported a consolidated net loss of $196.0 million [or loss of $10.68 per fully diluted ordinary share] and consolidated net earnings $364.6 million [or earnings of $17.53 per fully diluted ordinary share] for the three and nine months ended September 30, 2021, respectively, compared to consolidated net earnings of $615.0 million [or earnings of $28.24 per fully diluted ordinary share] and $896.7 million [or earnings of $41.14 per fully diluted ordinary share] for the three and nine months ended September 30, 2020, respectively.

“The key driver of the net loss for the three months ended September 30, 2021 was:

  • Net realized and unrealized losses of $273.3 million, including $285.2 million relating to our consolidated variable interest entity, the InRe Fund, from which we redeemed $1.5 billion. Following our decision to redeem, the InRe Fund’s investments were impacted by significant volatility in Chinese and other global equity markets. We are continuing the orderly wind down of the InRe Fund’s remaining investment portfolio, which was $447.7 million as of September 30, 2021.

“The key drivers of net earnings for the nine months ended September 30, 2021 were:

  • Net investment income of $231.0 million and net realized and unrealized gains of $111.2 million including $299.8 million relating to our consolidated variable interest entity, other investments and equities, partially offset by $188.6 million in net realized and unrealized losses relating to fixed income securities; and
  • Earnings from equity method investments of $100.8 million.

“Non-GAAP operating loss was $176.0 million [or loss of $9.59 per fully diluted ordinary share] and Non-GAAP operating income was $398.2 million [or income of $19.15 per fully diluted ordinary share] for the three and nine months ended September 30, 2021, respectively, compared to non-GAAP operating income of $574.4 million [or income of $26.37 per fully diluted ordinary share] and $804.2 million [or income of $36.89 per fully diluted ordinary share] for the three and nine months ended September 30, 2020, respectively.

“Enstar’s ordinary shareholders’ equity at September 30, 2021 amounted to $5.6 billion [or $307.09 per fully diluted ordinary share], compared to $6.2 billion [or $281.20 per fully diluted ordinary share] at December 31, 2020.”

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