Enstar
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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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The market has suffered from a glut of capital, and a number of structural features that make winning hard.
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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.
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Enstar is conducting due diligence around taking on the rest of the Argo back book.
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The share purchases take the founder’s stake in the legacy firm to $124mn.
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The carrier also reported run-off liability earnings of $109mn, or 3.7% in the third quarter of the year.
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The process has been narrowed, with parties including Catalina and Premia not going forward.
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Probitas CEO Ash Bathia praised Enstar for its “innovative and bespoke solution to meet our strategic objectives”.
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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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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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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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The carrier has posted strong profits over three consecutive quarters after Covid-19 hit the investment book in Q1.
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The two-layer arrangement includes a 10% retention and involves a premium of just under $1.4bn.
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The buyer will use the acquisition to expand Arena beyond Belgium and into other European markets.
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He has held a seat on the company’s board since 2017.
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Hessing joined the company in September to replace David Atkins, who had been with Enstar since 2003.
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The agreement follows a share-swap deal between the two companies.
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An unnamed investment manager posited a Watford bid worth about $21/share around four months before Arch’s eventual $35-per-share takeover agreement.
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The US carrier has offloaded a tranche of liability business written out of London.
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Both StarStone and Atrium make underwriting profits after losses a year earlier.
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The legacy carrier is the first to utilise a recently enacted framework in Oklahoma.
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Ron Bobman has reiterated his opposition to Watford Re’s management and fiercely criticised the deal.
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The would-be buyer presses for a non-disclosure agreement with the hedge fund reinsurer to allow due diligence to start.
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US CEO Paul Brockman will be promoted to group chief claims officer as part of the changes.
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Enstar, R&Q and Riverstone remain as the Willis-run process heads towards its conclusion.
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Watford is reportedly evaluating a bid from Arch amid heightened pressure from shareholders to pursue strategic alternatives.
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Susan Cross becomes an independent director and will serve on the company’s audit and risk committees.
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Start-up acquirer Marco, Enstar, Riverstone and Premia are still in the running for the assets.
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The former Hiscox CUO has $300mn of cornerstone backing from the PE firm to make a deal happen.
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The former AmTrust executive will take over as full CFO at the end of February 2021.
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The agreement, which will leave Enstar with 26% of StarStone US, fulfills a long-term ambition for Stone Point.
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.
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News of the review follows last week’s deal to sell the US business to former Validus chief Noonan.
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The legacy transaction will cover loss development at the carrier's operations, including its E&S business.
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Enstar will remain a minority investor, with PE capital also drawn from Dragoneer and SkyKnight.
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The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
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The results were impacted by an unrealised investment loss of $612.6mn.
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The carrier has agreed to reinsure legacy business underwritten by Zurich from 1 October 2015 to 30 September 2018.
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The Bermuda company says its ADC deal with Enstar is bearing fruit.
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Aspen is the latest to pass the risk of unfavourable reserve development on to reinsurers.
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Losses at StarStone narrowed as the carrier cut premiums while Atrium profits were up 90 percent.
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The move is the latest in a string of deals with companies including BorgWarner, Zurich and Munich Re.
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The legacy insurer said that its investment reflects a belief that the business is “considerably undervalued”.
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The carriers claim in a lawsuit that Maiden wrongfully stopped paying claims in late 2018.
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The stock-performance-related plan comes as the carrier extends Dominic Silvester's contract, and those of the president and COO, by three years.
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Business was quietly placed up for sale with Credit Suisse advising in H1.
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Investment income and an improved performance at StarStone lift the group result.
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Liabilities involved are associated with asbestos and environmental claims.
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The executive is understood to have teamed up with former colleagues Harris and Hernon.
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The transaction has now received regulatory approval and has closed.
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Investment income increases, while the group’s non-life run-off operations and Lloyd’s business Atrium post an improved performance.
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The completion of the agreement follows a prior extension of the deal deadline.
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The deal was expected to close by the end of June.
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Myron Hendry move recently served as EVP and chief platform officer for XL Catlin, now Axa XL.
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Global specialty insurer StarStone reported $51mn of adverse development
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The global insurer launched a process last year to dispose of the runoff portfolios.
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The legacy carrier and ART Bermuda will each assume a 50 percent quota share of construction defect losses incurred by Amerisure.
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StarStone generates a loss to its majority owner of $159mn after its management team is restructured.
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The agreement replaces a previous arrangement relating to Maiden Re reserves.
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Enstar assumes reinsurance reserves of £650mn through the transactions.
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The Enstar unit will continue to provide capacity to the MGA and transfer renewal rights to an airlines and products book to the buyer.
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The insurer’s new £500mn legacy sell-off brings into focus the £55bn reserve pot on Lime Street.
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The carrier is exploring a deal for around £500mn of reserves, with Enstar considered favourite for this as well as the smaller Doré book.
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The London market pair are negotiating with Abu Dhabi royals about a joint venture.
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The transaction liability entry follows the carrier’s construction market expansion.
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The second legacy transaction for the AmTrust quota share book is still pending approval.
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The formation of the $470mn P&C and life reinsurer was announced last week.
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Bermuda-based Enhanzed Re will assume both non-life and life risk.
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Enstar has completed its previously announced $200m investment in AmTrust.
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The offering of preferred shares will be underwritten by Wells Fargo, Morgan Stanley and JP Morgan
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AM Best finally removed Maiden’s “A-” rating, and said it expects lower premiums from AmTrust in future
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The legacy firm will create a Cayman Islands-based entity capitalized with up to $500mn under the agreement.
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