Enstar
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The stable outlook on Cavello Bay mirrors S&P’s view of its parent.
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The legacy carrier cited the impact of its investment portfolio.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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Insider Brockman will pick up the EU role on an interim basis.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The San Francisco-headquartered alternative asset manager has invested $183mn in the run-off firm.
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The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.
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The seller is facing an uphill struggle convincing its legacy rivals that there is strategic value in the merger deal.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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During the period, the legacy business completed a $1.9bn LPT with QBE and a $245mn LPT with RACQ Insurance.
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The market has suffered from a glut of capital, and a number of structural features that make winning hard.
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The carrier attributed its results to strong investment returns.
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