Enstar Group Limited Stock Price, News & Analysis

AXIS Capital Holdings (NYSE: AXS) and Enstar Group (Nasdaq: ESGR) have successfully completed a previously announced loss portfolio transfer (LPT) transaction. The agreement covers $3.1 billion in reinsurance segment reserves from 2021 and prior underwriting years, primarily related to casualty portfolios.

The transaction is structured as a 75% ground-up quota share, with AXIS transferring $2.3 billion of reinsurance segment reserves to Enstar's subsidiary, Cavello Bay Reinsurance , which maintains S&P and AM Best 'A' financial strength ratings. The completion follows regulatory approvals and satisfaction of closing conditions.

Enstar Group (NASDAQ: ESGR) has announced the completion of its cash tender offer for all outstanding 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040. The tender offer, which expired on March 14, 2025, at 5:00 p.m. New York City time, was issued by Enstar Finance and guaranteed by Enstar on a junior subordinated basis.

The company plans to accept all validly tendered notes, including $737,000 in aggregate principal amount subject to guaranteed delivery procedures. Settlement is expected on March 19, 2025, with holders receiving $1,000 for each $1,000 principal amount plus accrued and unpaid interest.

The tender offer was managed by a consortium of financial institutions including Wells Fargo Securities, Barclays Capital, HSBC Securities, SMBC Nikko Securities America, and Truist Securities, with D.F. King & Co. serving as the Information and Tender Agent.

Enstar Group (NASDAQ: ESGR) has announced the pricing of $350 million aggregate principal amount of 7.500% Fixed-Rate Reset Junior Subordinated Notes due 2045. The offering is expected to close on March 18, 2025.

The company plans to use the net proceeds to fund the purchase of the 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040, issued by its subsidiary Enstar Finance Any remaining proceeds will be used to redeem additional 2040 Junior Subordinated Notes during future par call periods and for general corporate purposes, including acquisitions, working capital, and other business opportunities.

The Notes will be offered exclusively to qualified institutional buyers under Rule 144A and to certain non-U.S. persons in offshore transactions under Regulation S of the Securities Act.

Enstar Group (NASDAQ: ESGR) has launched a cash tender offer for all outstanding 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040, issued by its subsidiary Enstar Finance The tender offer expires on March 14, 2025, at 5:00 p.m. New York City time.

The tender consideration is set at $1,000 per $1,000 principal amount of Notes, plus accrued and unpaid interest. Settlement is expected on March 19, 2025. The offer is contingent upon Enstar completing debt capital markets issuances totaling at least $350 million.

Wells Fargo, Barclays, HSBC, SMBC Nikko, and Truist Securities have been appointed as dealer managers for the tender offer, with D.F. King serving as the Information and Tender Agent.

Enstar Group (NASDAQ: ESGR) announced that its subsidiary Cavello Bay Reinsurance has received an 'A' (Excellent) Financial Strength Rating and an 'a+' (Excellent) Long-Term Issuer Credit Rating from AM Best, with a stable outlook.

The credit rating agency highlighted Enstar's strong track record in managing complex claims and noted that the ratings reflect the company's balance sheet strength and robust operating performance, which is expected to maintain its current level throughout 2025.

According to Matt Kirk, Enstar's Group CFO, the rating demonstrates the company's established position in the global legacy market and confirms their strong capital position and resilient business model. The 'A' rating for Cavello Bay is expected to enhance their ability to structure insurance transactions supporting partners' strategic objectives.

Enstar Group (Nasdaq: ESGR) has successfully completed its previously announced loss portfolio transfer agreement with Atrium Syndicate 609. Under the transaction, Atrium Syndicate 609 has ceded net loss reserves of approximately $196 million to Enstar's Syndicate 2008, based on Atrium's carried reserves as of Q3 2024.

The reinsurance agreement covers business underwritten in 2023 and prior years of account, with all claims handling responsibilities transferring to Syndicate 2008. The completion follows the receipt of necessary regulatory approvals and fulfillment of various closing conditions.

Enstar Group (NASDAQ: ESGR) has announced quarterly cash dividend payments for its Series D and Series E preference shares. The company will pay $0.43750 per depositary share for both series, with each depositary share representing a 1/1,000th interest in the respective preference shares.

For both Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares and Series E 7.00% Perpetual Non-Cumulative Preference Shares, the dividends will be payable on March 3, 2025 to shareholders of record as of February 15, 2025.

Enstar Group (Nasdaq: ESGR) announced that its Lloyd's syndicate (Syndicate 2008) has entered into a loss portfolio transfer (LPT) agreement with Atrium Syndicate 609. The deal involves Atrium's discontinued portfolios, including Marine Treaty Reinsurance, Property Treaty Reinsurance, and US Contractors General Liability.

Under the agreement, Atrium Syndicate 609 will transfer net loss reserves of approximately $196 million to Enstar's Syndicate 2008, based on Atrium's Q3 2024 carried reserves. The reinsurance covers business underwritten in 2023 and prior years, with all claims handling responsibilities transferring to Syndicate 2008. The transaction is expected to complete in Q1 2025, subject to regulatory approvals and customary closing conditions.

Enstar Group (NASDAQ: ESGR) has completed its previously announced transaction with James River Group Holdings subsidiaries. The deal involves an adverse development cover (ADC) agreement where Enstar's subsidiary provides $75 million in limit coverage, extending beyond the existing $160 million ADC reinsurance coverage provided by State National Insurance Company earlier this year. This additional protection covers potential future adverse reserve development for U.S. casualty exposures within James River's Excess & Surplus Lines segment for accident years 2010-2023. Additionally, Enstar's subsidiary has finalized a $12.5 million investment in James River common stock.