Enstar
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The lawsuit has been filed as sales talks with Sompo yielded a deal. -
The ILS play will make the business more capital efficient under new owner Sixth Street.
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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Luke Tanzer is set to retire after 16 years at the helm of the run-off carrier.
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The take-private deal was announced in July 2024.
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Renewable retrospective solutions were a key point during the discussion.
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The reduction was due to impacts from investments and less favourable PYD.
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The business, which has ~EUR300mn of book value, is expected to launch a process.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
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The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
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The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
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