Enstar Group Limited Stock Price, News & Analysis

Enstar Group Limited (NASDAQ: ESGR) announced an agreement with Continental Casualty Company to reinsure a legacy portfolio of excess workers’ compensation business. The subsidiary of Enstar will assume net insurance reserves of approximately $690 million related to business from 2007 and earlier. The transaction's closing is subject to regulatory approval and other conditions. CEO Dominic Silvester emphasized the partnership enhances Enstar’s U.S. excess workers’ compensation reserves, showcasing their experience in managing such portfolios.

Enstar Group Limited (NASDAQ: ESGR) announced a reinsurance agreement with Liberty Mutual Insurance Europe SE to assume approximately $420 million in gross insurance reserves from US energy, construction, and homebuilders liability portfolios. This agreement pertains to business written before 2019. The transaction's closing is pending regulatory approval and other conditions. Enstar continues to be a leader in providing innovative capital release solutions and has acquired over 100 companies since its inception in 2001.

Core Specialty Insurance Holdings has successfully completed the recapitalization of StarStone U.S. Holdings, raising $610 million in new equity capital. This recapitalization, led by SkyKnight Capital, Dragoneer Investment Group, and Aquiline Capital Partners, increases the Company’s equity capitalization to over $900 million. Enstar Group Limited now holds a 25% stake. A new management team has been appointed, with Jeff Consolino as President & CEO. The Company plans to focus on specialty insurance markets, supported by a recently established loss portfolio and adverse development cover reinsurance agreement.

Enstar Group Limited (NASDAQ: ESGR) has finalized the sale and recapitalization of StarStone U.S. Holdings to Core Specialty Insurance Holdings. This transaction was executed for cash and approximately 25% equity in Core Specialty, leading to a combined equity capitalization exceeding $900 million due to new equity commitments. Enstar will also acquire interests in Core Specialty via a recapitalization agreement, pending regulatory approvals. The move reinforces Enstar's strategy in the insurance market as a leading player in legacy acquisitions.

Enstar Group Limited (NASDAQ: ESGR) has finalized agreements with Stone Point Capital to sell StarStone Underwriting Limited (SUL) and manage Lloyd’s Syndicate 1301 to Inigo Limited, a new specialty re/insurance firm. The deal is valued at approximately $30 million in Inigo shares, with Enstar and Stone Point also investing up to $27 million and $18 million, respectively, into Inigo. The sale is scheduled to close in the first half of 2021, subject to regulatory approvals. Enstar retains the economics of Syndicate 1301’s previous underwriting portfolios as the business runs off.

Enstar Group Limited (Nasdaq: ESGR) reported strong financial results for the three and nine months ended September 30, 2020. Net earnings surged to $615.0 million and $896.7 million, representing significant increases from the previous year. The enhanced performance is attributed to net realized and unrealized gains of $500.0 million for the quarter and $838.6 million for the nine months. Non-GAAP operating income also rose to $574.4 million and $804.2 million. The company's ordinary shareholders' equity increased to $5,310.9 million, reflecting strong book value growth.

Enstar Group Limited (Nasdaq: ESGR) has announced a cash dividend of $0.43750 per depositary share for its Series D and Series E preference shares. Both dividends, yielding 7.00%, are scheduled for payment on December 1, 2020, to shareholders of record as of November 15, 2020. Enstar, a global insurance group, is recognized for innovative capital release solutions and has completed over 100 acquisitions since its inception in 2001.

Enstar Group Limited (NASDAQ: ESGR) has achieved a significant milestone by completing the first insurance business transfer (IBT) in the U.S., receiving judicial approval from the Oklahoma County District Court. This innovative transaction involved its subsidiaries, Providence Washington Insurance Company and Yosemite Insurance Company, enabling a direct transfer of liabilities between insurers. The IBT process, enacted under the Oklahoma Insurance Business Transfer Act, ensures policyholder consent through thorough regulatory reviews. This event marks a historic achievement for the U.S. insurance landscape.

Enstar Group Limited (Nasdaq: ESGR) announced the pricing of $350 million in 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040. The offering is set to close on August 26, 2020, pending usual closing conditions. Proceeds will be used to repay existing borrowings under Enstar's term loan facility. The notes are guaranteed on a junior subordinated basis by Enstar and are being offered under a previously filed registration statement with the SEC. The company is recognized for innovative capital release solutions and has completed over 100 acquisitions since its inception in 2001.