Enstar Group - ESGR STOCK NEWS

Enstar Group (NASDAQ: ESGR) has announced a significant Loss Portfolio Transfer (LPT) agreement with QBE Insurance Group The deal, valued at $376 million, involves Enstar's subsidiary assuming net loss reserves from QBE's US commercial liability and workers' compensation portfolio. The transaction, effective July 1, 2024, also includes $175 million of cover in excess of the ceded reserves.

This LPT builds upon Enstar's existing relationship with QBE, following a previous transaction in 2023. The agreement is expected to close in Q4 2024, subject to regulatory approvals. Enstar's CEO, Dominic Silvester, emphasized the company's commitment to partnering with leading global insurers and leveraging their expertise in US claims handling.

Enstar Group (Nasdaq: ESGR) has announced cash dividends for its Series D and Series E preference shares. For Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, a dividend of $0.43750 per depositary share will be paid. Similarly, for Series E 7.00% Perpetual Non-Cumulative Preference Shares, a dividend of $0.43750 per depositary share will be distributed. Both dividends are payable on September 1, 2024, to shareholders of record as of August 15, 2024. Each depositary share represents a 1/1,000th interest in the respective preference share series.

Enstar Group (Nasdaq: ESGR) reported its Q2 2024 results, revealing a net income of $126 million, up from $21 million in Q2 2023. The company achieved a 2.5% return on equity (ROE), driven by positive investment results. Year-to-date, Enstar's book value per ordinary share grew 4.5% to $358.74. Significant transactions include a $400 million Loss Portfolio Transfer with SiriusPoint and a $350 million reinsurance agreement in the Insurance-linked Securities market.

On July 29, 2024, Enstar announced its acquisition by a Sixth Street-led consortium for $5.1 billion or $338 per share. The press release also noted the departure of President Orla Gregory at year-end. Key metrics include a 5.2% annualized total investment return and a $62 million run-off liability earnings (RLE) for Q2 2024, compared to $10 million in Q2 2023.

Enstar Group (Nasdaq: ESGR) has announced a definitive merger agreement with Sixth Street, valuing the company at $5.1 billion. Enstar shareholders will receive $338.00 per share in cash, representing a premium of 8.5% to the 90-day VWAP. The transaction, expected to close in mid-2025, includes a 35-day "go-shop" period and will result in Enstar becoming a privately-held company. Sixth Street, along with Liberty Strategic Capital and J.C. Flowers & Co. , will maintain Enstar's current operations and business strategy. The deal is fully financed, with Enstar agreeing to return approximately $500 million from its balance sheet to shareholders as part of the total consideration.

Enstar Group (NASDAQ: ESGR) has successfully completed a reinsurance transaction involving legacy business of Accredited Surety and Casualty Company and Accredited Insurance (Europe) The deal, integral to Onex Partners' acquisition of Accredited, covers net reserves approximating $234 million. This reinsurance encompasses diversified portfolios including asbestos, general casualty, and workers' compensation across the US and UK/European markets. Enstar will now handle all administrative and claims duties. The transaction's completion follows broader acquisition finalization and regulatory approval.

Enstar Group (NASDAQ: ESGR) announced that a subsidiary has signed an adverse development cover agreement with Insurance Australia (IAG). Enstar will provide coverage equivalent to US$430 million (AU$650 million) over US$1.7 billion (AU$2.5 billion) in underlying reserves for various long-tail insurance business lines, including Product & Public Liability and Workers’ Compensation for losses incurred before June 30, 2023. The transaction, which aims to help IAG reduce financial risk and capital requirements, is pending regulatory approval and the fulfillment of closing conditions.

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.