Enstar Group - ESGR STOCK NEWS

Enstar Group Limited (Nasdaq: ESGR) announced cash dividends for its Series D and Series E preference shares, amounting to $0.43750 per depositary share. These dividends are scheduled for payment on December 1, 2022, to shareholders on record as of November 15, 2022. Enstar is recognized as a global insurance leader, specializing in innovative capital release solutions and legacy acquisitions, with over 110 companies acquired since its inception in 2001.

Enstar Group reported a net loss of $444 million for Q3 2022, translating to $26.10 per diluted share, compared to a loss of $196 million a year earlier. The return on equity (ROE) was (10.6)%, adversely affected by $395 million in unrealized losses due to rising interest rates. Book value per share stood at $208.60.

Enstar entered a reinsurance agreement with Argo for reserves of $746 million and completed a commutation with Enhanzed Re, expected to close in early November. Despite challenges, the company maintains a strong balance sheet and ongoing investment strategies.

Argo Group International Holdings, Ltd. (NYSE: ARGO) has provided an update on its strategic review, highlighting the sale of its Lloyd’s Syndicate to Westfield for approximately $125 million. This divestment aims to streamline operations and focus on U.S. specialty insurance. Additionally, a Loss Portfolio Transfer with Enstar is expected to enhance Argo's regulatory capital and reduce earnings volatility. The board, led by J. Daniel Plants, is exploring various strategic alternatives to enhance shareholder value.

On August 18, 2022, Enstar Group Limited (NASDAQ: ESGR) announced a Master Agreement with Allianz SE regarding Enhanzed Reinsurance Ltd. Under this agreement, Enstar will commute or novate most reinsurance contracts of Enhanzed Re, repay $70 million in subordinated notes, and distribute excess capital among stakeholders. These moves are expected to increase Enstar's book value by approximately $62 million. Additionally, despite facing $1.3 billion in investment losses for the first half of 2022, July saw a recovery with an unrealized gain of $221 million.

Enstar Group Limited (Nasdaq: ESGR) reported a net loss of $493 million for Q2 2022, compared to a profit of $378 million in Q2 2021, indicating a significant decline in return on equity (ROE) to (9.8)%. The losses were primarily driven by $379 million in unrealized losses on fixed maturity portfolios due to rising interest rates. Despite the challenging environment, Enstar's solvency improved, aided by strategic agreements, including a $1.1 billion Loss Portfolio Transfer with Argo Group. The company returned $163 million to shareholders through share repurchases at a 20.3% discount to book value.

Enstar Group Limited (NASDAQ: ESGR) announced a Loss Portfolio Transfer agreement with Argo Group to reinsure U.S. casualty insurance portfolios from accident years 2011 to 2019. Enstar's subsidiary will offer $746 million in ground-up coverage, with an additional $275 million above $821 million, totaling a policy limit of $1.1 billion. The transaction is pending regulatory approval and is expected to close in the second half of 2022. This partnership underscores Enstar's expertise in run-off solutions, enhancing its position in the reinsurance market.

Enstar Group Limited (Nasdaq: ESGR) announced cash dividends for its Series D and Series E preference shares. Shareholders of record by August 15, 2022, will receive dividends of $0.43750 per depositary share on September 1, 2022. Both Series D and E preference shares yield 7.00%. Enstar is a leading insurance group specializing in capital release solutions, having completed over 110 acquisitions since its formation in 2001. For more information, visit Enstar's website.

Paul O’Shea, President of Enstar Group Limited (NASDAQ: ESGR), will retire in March 2023 after 28 years with the company. He will remain on the Board of Directors, providing continued benefit from his experience. David Ni, previously EVP of M&A, will lead future M&A activities. CEO Dominic Silvester praised O’Shea’s contributions to Enstar’s growth, which includes completing 113 run-off deals and acquiring over $42 billion in assets. Additionally, Orla Gregory transitions to full-time CFO, with responsibilities shared among other executives.

Enstar Group Limited (NASDAQ: ESGR) announced the successful completion of a loss portfolio transfer (LPT) with Aspen Insurance Holdings Limited, involving a net assumption of $3.12 billion in loss reserves. This transaction includes an incremental $2.35 billion of net loss reserves across various lines, exchanged for a premium of $2.39 billion. The existing adverse development cover of $770 million has been incorporated into the LPT. Regulatory approvals were received, finalizing the agreement. Enstar is recognized for its leadership in legacy acquisitions, having procured over 110 companies since its inception.