Enstar
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The ratings agency said Sixth Street provides flexibility through long-dated capital. -
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.
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The transaction with Enstar covers $234mn of net Accredited reserves.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.
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Some 39% of respondents expect deal volumes to increase in the next 12 months.
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Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.
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The stable outlook on Cavello Bay mirrors S&P’s view of its parent.
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