Enstar
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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. -
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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The carrier reported book value per share up 8.3% over the first half of the year.
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The reinsurance contract indemnifies Intact against losses in excess of a £2.6bn retention on losses occurring before the end of 2020.
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The repurchase deal will see the 16.9% interest held by the Chinese firm bought back, boosting the firm's book value per share.
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The transfer, which includes most of the Hiscox USA surplus lines broker business, secures coverage of Hiscox reserves valued at $520mn.
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The result reflected a significant improvement on the prior-year quarter, when the investment book was hit by the pandemic.
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The legacy specialist advises shareholders to approve the “best practice” board change at the AGM in June.
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The legacy company chief will also receive a $20,000 monthly housing allowance as he relocates to Bermuda from the UK.
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The legacy carrier and Stone Point are to invest a combined $45mn in Richard Watson’s start-up.
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