Enstar
-
In tandem, the company elevated David Ni as chief strategy officer, Paul Brockman as chief operating officer and Matthew Kirk as chief financial officer. -
Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
-
2022 represented a period of bumper legacy deal-making for the legacy carrier.
-
RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
-
The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
-
Enstar is conducting due diligence around taking on the rest of the Argo back book.
-
The share purchases take the founder’s stake in the legacy firm to $124mn.
-
The carrier also reported run-off liability earnings of $109mn, or 3.7% in the third quarter of the year.
-
The process has been narrowed, with parties including Catalina and Premia not going forward.
-
Probitas CEO Ash Bathia praised Enstar for its “innovative and bespoke solution to meet our strategic objectives”.
-
The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
-
With the addition of roughly 512,000 shares, Enstar’s interest in Argo was valued at ~$62.7mn at the end of June.
Most Recent
-
Aegis London books 2022 CoR of 83.8% and profit of £97mn
23 March 2023 -
Claims for Cyclone Gabrielle worth around NZ$890mn: ICNZ
23 March 2023 -
CFO Keese: Lloyd’s remediation is ‘never finished’
23 March 2023
