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Enstar Group announced the payment of cash dividends on its Series D and Series E preference shares. The dividends for both series will be $0.43750 per depositary share and will be payable on June 3, 2024, to shareholders of record on May 15, 2024.
Enstar Group reported net income of $119 million for the first quarter of 2024, with a return on equity of 2.4%. The company saw growth in book value per ordinary share by 1.7% to $349.41. Enstar also announced a $400 million Loss Portfolio Transaction with SiriusPoint and received a financial strength rating of 'A' for its subsidiary, Cavello Bay Reinsurance The company's CEO highlighted positive investment results and successful business transactions.
Enstar Group (NASDAQ: ESGR) has agreed to a $400 million loss portfolio transfer with SiriusPoint to reinsure a Workers’ Compensation business portfolio. The reinsurance agreement involves SiriusPoint ceding net reserves of $400 million, while Enstar’s subsidiary will provide $200 million of cover in excess of the ceded reserves. The transaction, facilitated by Guy Carpenter, is subject to regulatory approvals. Enstar's CEO, Dominic Silvester, sees the partnership as a strategic move in the US Workers’ Compensation sector.