Enstar
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The business, which has ~EUR300mn of book value, is expected to launch a process. -
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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The firm announced Q3 results alongside strategic actions that included an ADC deal with Enstar.
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James River also amended the convertible preferred equity held by Gallatin Point and closed its strategic review.
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The take-private is expected to close by mid-2025.
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The transactions will de-risk all North America middle-market reserves up to 30 June 2024.
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Plus the latest people moves and all the top news of the week.
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The firm escapes public market distractions and long-term undervaluation, but the low mark will hurt peer companies.
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The ratings agency said Sixth Street provides flexibility through long-dated capital.
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The company also announced a $5.1bn take private deal with Sixth Street.
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