Enstar Group Limited Stock Price, News & Analysis

Enstar Group Limited (Nasdaq: ESGR) announced the completion of its cash tender offer for outstanding 4.500% Senior Notes due 2022. The tender offer expired on August 20, 2021, with valid tenders amounting to $69,556,000 out of $350,000,000 in outstanding notes. Settlement for accepted tenders is anticipated on August 25, 2021, with holders receiving $1,021.82 for each $1,000 principal amount tendered, plus accrued interest. The offer was managed by Wells Fargo Securities, Barclays Capital, and HSBC Securities, and details are outlined in the Offer to Purchase dated August 16, 2021.

Enstar Group Limited (Nasdaq: ESGR) announced the results of its cash tender offer for its outstanding 4.500% Senior Notes due 2022. The offer included a consideration of $1,021.82 per $1,000 principal amount of Notes validly tendered, with accrued interest to be paid until the settlement date, anticipated on August 25, 2021. The tender offer's expiration was set for 5:00 p.m. on August 20, 2021. The condition for financing was satisfied with debt capital markets issuances totaling at least $350 million. The offer is managed by Wells Fargo, Barclays, and HSBC.

Enstar Group Limited (Nasdaq: ESGR) announced the pricing of $500 million of its 3.100% Senior Notes due 2031, set to close on August 24, 2021. The proceeds will fund the purchase of its existing 4.500% Senior Notes due 2022 and will be allocated for general corporate purposes, including paying down debt and potential acquisitions. The offering is managed by Wells Fargo Securities, Barclays, and HSBC.

This press release includes forward-looking statements, which involve risks and uncertainties. Investors are advised to review Enstar's risk factors.

Enstar Group Limited (Nasdaq: ESGR) announced a cash tender offer for its outstanding 4.500% Senior Notes due 2022, totaling $350 million. The launch date is August 16, 2021, with a expiration time set for 5:00 p.m. on August 20, 2021. The offer is contingent upon the company securing a minimum of $350 million through debt capital markets. Enstar has engaged Wells Fargo, Barclays, and HSBC as dealer managers. Holders must adhere to specific guidelines for validly tendering their notes to receive payment.

Enstar Group Limited (NASDAQ: ESGR) announced that Zachary Wolf has resigned as Chief Financial Officer to pursue other opportunities, remaining until September 30, 2021, for a transition period. Orla Gregory, the current Chief Operating Officer since 2016, has been appointed Acting Chief Financial Officer, supported by Michael Murphy as Deputy Chief Financial Officer. Gregory brings extensive experience in accounting and finance, while Murphy has a strong background in the insurance industry.

Enstar Group Limited (Nasdaq: ESGR) has announced cash dividends for its Series D and Series E preference shares, each amounting to $0.43750 per depositary share. These dividends will be paid on September 1, 2021, to shareholders recorded as of August 15, 2021. Enstar is a leading global insurance group known for its innovative capital release solutions and has acquired over 100 companies since its establishment in 2001.

Enstar Group Limited (Nasdaq: ESGR) reported strong quarterly earnings for the three and six months ending June 30, 2021. Net earnings totaled $377.3 million ($17.28 per diluted share) and $560.5 million ($25.60 per diluted share), respectively. This represents a decline from $798.6 million ($36.65 per diluted share) and an increase from $281.7 million ($12.93 per diluted share) year-over-year. The company achieved non-GAAP operating income of $290.5 million and $574.3 million for the respective periods. Fully diluted book value per share rose to $304.59, a 43% increase year-over-year.

Enstar Group Limited (NASDAQ: ESGR) has finalized a reinsurance transaction with ProSight Global, Inc. The deal involves a loss portfolio transfer covering ProSight's discontinued workers' compensation lines and an adverse development cover for its general liability classes. Enstar's subsidiary has assumed net loss reserves of approximately $500 million and will offer an additional $250 million aggregate limit. The completion followed necessary regulatory approvals and is part of ProSight's strategic merger with TowerBrook and Further Global.

Enstar Group Limited (NASDAQ: ESGR) announced an agreement with Royal & Sun Alliance Insurance Limited (RSA) to provide £400 million in adverse development cover for certain UK and Irish business risks. Enstar will cover 50% alongside RSA, which retains the remaining 50%. This arrangement focuses on losses prior to December 31, 2020, with a retention of £2.595 billion. The transaction, expected to close in Q3 2021, awaits regulatory approval, reinforcing Enstar's strategic partnership with RSA and its position in the legacy insurance market.