Enstar

The transaction with Enstar covers $234mn of net Accredited reserves.

Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.

Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.

Some 39% of respondents expect deal volumes to increase in the next 12 months.

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.