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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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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She will work on preparations for the take-private deal with Sixth Street before departing.
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The deal values the business just under its closing price on Friday, at 0.97x book value.
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The executive replaces interim CEO Paul Brockman, who remains group COO.
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A roundup of all the news you need today, including Enstar EU’s new CEO.
