Enstar
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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. -
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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Enstar plans to use the offering's net proceeds to pay down outstanding debt, as well as finance acquisitions and working capital.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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Investments in the InRe Fund suffered volatility, leading to net realized and unrealized losses of $285.2mn.
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Wolf will remain with the company to assist Gregory during a transition period lasting until September 30.
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