Enstar Group Limited Stock Price, News & Analysis

Enstar Group Limited (NASDAQ: ESGR) has finalized an agreement with Royal & Sun Alliance Insurance Limited to provide £400 million in adverse development cover (ADC) for select business lines in the UK and Ireland. The agreement entails a £2.595 billion retention on losses occurring before December 31, 2020. Enstar will cover 50% of the ADC while RSA retains the other 50%. Regulatory approvals have been obtained, marking this as Enstar’s second significant deal with RSA, highlighting the importance of legacy solutions in facilitating mergers and acquisitions in the global insurance sector.

Ambac Financial Group, Inc. (NYSE: AMBC) has announced the acquisition of Providence Washington Insurance Company (PWIC) by its subsidiary, Everspan Insurance Company, effective October 1, 2021. This acquisition aims to enhance Everspan Group's capabilities in launching new programs and developing innovative insurance products. PWIC, the second oldest insurance company in the U.S., holds licenses in 47 states. CEO Claude LeBlanc stated that this acquisition aligns with Ambac's strategy to create long-term shareholder value.

On September 1, 2021, Enstar Group Limited (NASDAQ: ESGR) announced the completion of its acquisition of a 27.7% interest in Enhanzed Reinsurance Ltd. from Hillhouse Group for $217.1 million. This transaction raises Enstar's total stake in Enhanzed Re from 47.4% to 75.1%, while Allianz retains a 24.9% interest. Enhanzed Re holds approximately $4.0 billion in assets and $3.0 billion in reinsurance reserves. The acquisition is expected to enhance Enstar's portfolio and strengthen its relationship with Allianz.

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.