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.
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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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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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In the wake of Enstar's $5.1bn go-private deal, here's our prior deep dive on the firm.
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The carrier attributed its results to strong investment returns.
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The deal includes a diversified book of international and NA financial lines, European and NA reinsurance portfolios, and several US discontinued programs.
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The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
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In tandem, the company elevated David Ni as chief strategy officer, Paul Brockman as chief operating officer and Matthew Kirk as chief financial officer.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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2022 represented a period of bumper legacy deal-making for the legacy carrier.
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RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
