Welcome to our dedicated page for Enstar Group news (Ticker: ESGR), a resource for investors and traders seeking the latest updates and insights on Enstar Group stock.
This page archives news coverage for Enstar Group Limited (ESGR), a former Bermuda-based insurance group that specialized in acquiring and managing run-off insurance portfolios. Enstar was acquired by Sixth Street and no longer operates as an independent publicly traded company.
Browse historical news to understand Enstar's business developments, acquisition announcements, and financial updates during its time as a NASDAQ-listed company. The archive includes coverage of the company's insurance portfolio acquisitions, Lloyd's of London syndicate activities through Atrium, and the corporate events leading up to its transition to private ownership.
Enstar's news history reflects its role as a significant participant in the global insurance legacy market. The company regularly announced acquisitions of run-off portfolios from major insurers, quarterly preference share dividends, and developments in its specialty underwriting operations. This archive provides context for investors and researchers interested in the insurance run-off sector.
The news archive documents Enstar's final period as a public company, including the announcement of its acquisition by Sixth Street and subsequent delisting from NASDAQ. These records offer insight into the transaction timeline and the circumstances surrounding the company's transition from public to private ownership.
Enstar Group Limited (NASDAQ: ESGR) has successfully executed a Loss Portfolio Transfer transaction with subsidiaries of QBE Insurance Group Limited. This transaction involves net loss reserves of $1.9 billion from QBE, with Enstar providing approximately $900 million of cover exceeding ceded reserves. The business covered includes various International and North American financial lines, European reinsurance portfolios, and certain discontinued US programs. The terms of the agreement stipulate adjustments based on claims made between January 1, 2023, and the closing date. The completion of the transaction followed necessary regulatory approvals and other closing conditions being met.
Enstar Group Limited (NASDAQ: ESGR) has announced a $341 million buyback of 1,597,712 non-voting convertible ordinary shares from Canada Pension Plan Investment Board (CPP Investments) at a price of $213.13 per share, reflecting a 5% discount to the recent trading price and a 13% discount to book value. This transaction aims to simplify Enstar's share capital structure by eliminating all outstanding non-voting shares. Post-transaction, CPP Investments will hold 9.4% of Enstar’s voting shares, maintaining its board representation. CEO Dominic Silvester highlighted the deal as a strategic use of Enstar's strong capital position to enhance shareholder value.
Enstar Group Limited (NASDAQ: ESGR) announced executive promotions following Paul O’Shea's retirement as President on March 1, 2023, after 28 years. Orla Gregory has been appointed as President, previously serving as CFO since August 2021. Paul Brockman is now Chief Operating Officer while retaining his role as Chief Claims Officer. Matthew Kirk, previously Group Treasurer, takes on the role of CFO. CEO Dominic Silvester expressed confidence in the new leadership and emphasized the company's readiness for growth opportunities, aiming to create long-term value for shareholders.
Enstar Group Limited (Nasdaq: ESGR) reported fourth quarter net earnings of $227 million, or $13.26 per diluted share, a significant increase from $120 million, or $6.66 per share in Q4 2021. The company achieved a Return on Equity (ROE) of 5.9% and a strong book value per share increase of 8.4% to $246.20. Notable developments included a $1.9 billion Loss Portfolio Transfer agreement with QBE. However, Enstar faced challenges with a net loss of $906 million for the year, primarily due to market conditions that affected investment performance. The company remains optimistic about its future position in the legacy market.
Enstar Group Limited (NASDAQ: ESGR) has announced a significant Loss Portfolio Transfer agreement with RACQ Insurance Limited, reinsuring 80% of RACQ’s Compulsory Third Party liabilities for accident years 2021 and prior. Effective from July 1, 2022, this agreement involves net reserves of approximately AUD$360 million, with Enstar covering around AUD$200 million of excess. The transaction will finalize upon meeting regulatory approvals and closing conditions. CEO Dominic Silvester highlighted the alignment with Enstar’s competencies and the importance of the Australian market for long-term value delivery to clients.
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