Enstar
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The legacy specialist has faced a downturn in profits following a bumper run of results through 2020 and 2021. -
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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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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