Enstar
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Probitas CEO Ash Bathia praised Enstar for its “innovative and bespoke solution to meet our strategic objectives”. -
The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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With the addition of roughly 512,000 shares, Enstar’s interest in Argo was valued at ~$62.7mn at the end of June.
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The exec warned that there would be “more casualties” of underpricing in the legacy market.
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The carrier was pushed to a net loss of $493mn by mark-to-market losses in its investment portfolio in Q2.
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The outgoing exec will remain as a board member, while chief strategy officer David Ni will lead the company’s M&A strategy going forward.
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A strong long-term financial performance and reserve reductions drove the rating revision.
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The existing $770mn adverse development cover between the two parties has been absorbed as part of the deal.
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The legacy specialist has faced a downturn in profits following a bumper run of results through 2020 and 2021.
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The legacy carrier has made huge gains through its hedge fund strategy through 2020.
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The carrier was buoyed to a set of bumper earnings throughout 2020 following major investment returns.
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Since joining the company in 2003, Orla Gregory has held increasingly senior roles, rising to acting CFO in September.
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