Enstar Group Stock Price, News & Analysis
Company Description
Enstar Group Limited (historically traded as ESGR on NASDAQ) is a global insurance group that has focused on capital release solutions and legacy insurance acquisitions. According to company disclosures, Enstar operates through a network of group companies based in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. The group has emphasized its role in the global legacy insurance market, stating that it has acquired more than 120 companies and portfolios since its formation in 2001.
Enstar describes itself as a global insurance group offering capital release solutions. In its public communications, the company highlights expertise in managing legacy insurance liabilities and completing legacy acquisitions. Through its subsidiaries and group companies, Enstar participates in reinsurance and related activities, including transactions where other insurance or reinsurance groups transfer reserves and associated claims to Enstar-managed entities.
Business focus and legacy acquisitions
Enstar’s news releases repeatedly refer to the group as a market leader in completing legacy acquisitions, noting that it has acquired over 120 insurance companies and portfolios since inception. These transactions typically involve assuming existing insurance or reinsurance reserves from counterparties. For example, Enstar has disclosed loss portfolio transfer arrangements under which reserves for prior underwriting years are ceded to an Enstar-managed syndicate or reinsurance subsidiary, with claims handling transferring to an Enstar entity.
In addition to legacy business, Enstar has referenced capital release solutions provided through its group companies. These solutions are described in company materials as being delivered via a network of operating entities in multiple jurisdictions, including Bermuda, the United States, the United Kingdom, Liechtenstein, Belgium, Australia, and Continental Europe.
Geographic footprint and operating entities
Company "About Enstar" statements indicate that Enstar’s operations are centered in major insurance hubs. The group notes operations or group companies in:
- Bermuda
- United States
- United Kingdom
- Continental Europe
- Australia
- Liechtenstein and Belgium (in certain disclosures)
Enstar has also referenced a Lloyd’s syndicate, identified in news as Syndicate 2008, which is managed by Enstar Managing Agency Limited. In a disclosed transaction, Atrium Syndicate 609 ceded net loss reserves to Enstar’s Syndicate 2008 under a loss portfolio transfer agreement, with claims handling transferring to that Enstar-managed syndicate.
Reinsurance and ratings-related information
Within the group, Enstar has identified Cavello Bay Reinsurance Limited as a wholly owned subsidiary and a Class 3B reinsurer. Public rating information cited by Enstar notes that Cavello Bay Reinsurance Limited has been assigned an “A” (Excellent) financial strength rating and an “a+” (Excellent) long-term issuer credit rating by AM Best, with a stable outlook. Company commentary around that rating highlights Enstar’s track record in managing claims in complicated lines of business and refers to the group’s capital position and business model resilience.
Enstar has also engaged in large reinsurance transactions through its subsidiaries. In one disclosed loss portfolio transfer with AXIS Capital, a wholly owned Enstar subsidiary, Cavello Bay Reinsurance Limited, provided reinsurance protection on reserves associated with prior underwriting years in AXIS’s reinsurance segment.
Capital structure and debt instruments
Before its transition to private ownership, Enstar communicated with the market regarding various capital instruments. Public announcements describe:
- Junior subordinated notes, including 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040 issued by Enstar Finance LLC and guaranteed on a junior subordinated basis by Enstar.
- New junior subordinated notes, including 7.500% Fixed-Rate Reset Junior Subordinated Notes due 2045, with proceeds intended in part to fund tender offers and potential redemptions of existing 2040 junior subordinated notes and for general corporate purposes.
- Preference shares, including Series D and Series E perpetual non-cumulative preference shares represented by depositary shares. Enstar has announced periodic cash dividends on these preference share depositary shares.
Enstar has also described cash tender offers for certain outstanding junior subordinated notes, detailing tender consideration, expiration times, settlement dates, and conditions such as a financing condition tied to new debt issuance.
Corporate transaction and change in listing status
Enstar’s public filings and news releases document a significant corporate transaction. On July 2, 2025, Enstar reported the completion of a series of mergers under an Agreement and Plan of Merger dated July 29, 2024. According to the company’s Form 8-K and related news release, investment vehicles managed by affiliates of Sixth Street, together with other institutional investors, acquired Enstar Group Limited. Following these mergers, Enstar became a wholly owned subsidiary of a parent entity backed by Sixth Street and related investors.
In connection with the closing of this transaction, Enstar notified Nasdaq that it requested suspension of trading in its ordinary shares and initiated steps to delist and deregister certain securities. A Form 25 filing dated July 2, 2025, relates to the removal from listing and registration of depositary shares representing Series D and Series E preference shares. A subsequent Form 25 filed on July 14, 2025, concerns voluntary withdrawal of those depositary shares from listing and registration on Nasdaq.
On July 24, 2025, Enstar filed a Form 15 to terminate registration under Section 12(g) of the Securities Exchange Act of 1934 and to suspend the duty to file certain reports under Sections 13 and 15(d). The explanatory note in that filing states that, as of the fiscal year beginning January 1, 2025, each relevant series of depositary shares and notes was held of record by fewer than 300 persons and that Enstar was providing notice of its intention to no longer file reports with the U.S. Securities and Exchange Commission under Section 15 of the Exchange Act.
Historical trading symbol and post-transaction status
Historically, Enstar’s ordinary shares traded on The Nasdaq Stock Market LLC under the symbol ESGR. Depositary shares representing interests in Series D and Series E preference shares traded under separate Nasdaq symbols, as reflected in Enstar’s Form 8-K disclosures. Following completion of the mergers on July 2, 2025, Enstar’s ordinary shares ceased to be listed publicly, and Enstar has indicated that it would continue operations as a privately held company under the Enstar name.
For investors researching the ESGR symbol, it is important to recognize that this ticker now represents the historical listing of Enstar Group Limited prior to its acquisition and subsequent delisting and deregistration actions. Current information about Enstar as a private company is not reflected in ongoing Exchange Act reports, as indicated by the company’s Form 15 filing.
Use of Enstar information for research
Because Enstar has emphasized its role in legacy insurance and capital release solutions, historical disclosures, news releases, and SEC filings related to ESGR can be useful for understanding how the group approached legacy acquisitions, reinsurance transactions, capital structure, and regulatory reporting while it was publicly listed. These materials provide context on the company’s geographic footprint, the nature of its subsidiaries, and the structure of major corporate transactions that led to its transition from a public to a private company.