Enstar

Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.

The stable outlook on Cavello Bay mirrors S&P’s view of its parent.

The legacy carrier cited the impact of its investment portfolio.

Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.

Insider Brockman will pick up the EU role on an interim basis.

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.

The San Francisco-headquartered alternative asset manager has invested $183mn in the run-off firm.

The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.

The seller is facing an uphill struggle convincing its legacy rivals that there is strategic value in the merger deal.

The insurer has been working to build a reputation for favorable reserve development after past sins.

During the period, the legacy business completed a $1.9bn LPT with QBE and a $245mn LPT with RACQ Insurance.

In the wake of Enstar's $5.1bn go-private deal, here's our prior deep dive on the firm.