Welcome to our dedicated page for Enstar Group news (Ticker: ESGR), a resource for investors and traders seeking the latest updates and insights on Enstar Group stock.
Enstar Group Ltd (NASDAQ: ESGR) is a premier global (re)insurance organization that specializes in capital release solutions and live specialty underwriting. Headquartered in Bermuda, Enstar operates through a diverse network of companies located in key insurance markets around the world, including the United States, United Kingdom, Continental Europe, Singapore, and Australia.
With a workforce of over 1,300 employees across 22 countries, Enstar leverages its extensive expertise in claims management, risk analysis, and investments to create substantial value. The company offers a wide range of services that include underwriting, management, consulting, and oversight for the global insurance industry.
Enstar is structured into four primary segments: Run-off, Assumed Life, Investments, and Legacy Underwriting. The Run-off segment focuses on managing discontinued (re)insurance businesses to maximize value extraction. The Assumed Life segment involves the acquisition of life (re)insurance portfolios. The Investments segment aims to achieve attractive risk-adjusted returns through a diversified investment portfolio. The Legacy Underwriting segment encompasses live underwriting operations in specialty insurance.
Enstar's notable brands include:
- Atrium: A reputable underwriting business at Lloyd’s, managing Syndicate 609 and offering a wide range of insurance products.
- StarStone: A global specialty insurer providing a diverse array of insurance solutions.
In recent developments, Enstar's innovative approaches have led to the successful completion of numerous legacy acquisitions, totaling over 115 companies and portfolios. A significant milestone was the effective cover following AIG’s sale of Validus Re to RenaissanceRe on November 1, 2023.
Enstar's financial performance is meticulously monitored using both GAAP and Non-GAAP measures to ensure accurate tracking of progress and goal fulfillment. The company's robust structure and strategic vision position it as a leader in the (re)insurance industry.
Enstar Group (NASDAQ: ESGR) has announced a strategic repurchase of 3,749,400 ordinary shares held by Hillhouse Capital at a price of $234.52 per share, totaling $879.3 million, which is a discount to book value. This represents 16.9% of Enstar's total ordinary shares. Concurrently, Enstar's subsidiary will acquire a 27.7% stake in Enhanzed Re for $228.7 million, increasing its ownership from 47.4% to 75.1%. The transactions are expected to close by July 21 and in Q4 2021, respectively, and will be funded through available cash and credit facilities.
Enstar Group Limited (NASDAQ: ESGR) has completed a significant Loss Portfolio Transfer with Hiscox Ltd, involving the reinsurance of a diversified portfolio of legacy insurance business. This transaction includes the cession of net insurance reserves totaling approximately $520 million as of December 31, 2020, predominantly related to business from 2019 and earlier. This move reinforces Enstar's position as a leader in capital release solutions within the global insurance market.
Enstar Group Limited (Nasdaq: ESGR) reported a consolidated net earnings of $183.2 million for the three months ended March 31, 2021, translating to $8.38 per fully diluted share, a significant recovery from a net loss of $516.8 million during the same period in 2020. The results were bolstered by a $55.5 million reduction in net incurred losses and $118.0 million earnings from equity method investments. Non-GAAP operating income rose to $283.7 million or $12.98 per share, compared to a loss of $337.8 million the prior year. Shareholders' equity increased to $6.3 billion.
Enstar Group Limited (Nasdaq: ESGR) announced cash dividends for its Series D and Series E preference shares, both at a rate of 7.00%. The dividends of $0.43750 per depositary share will be paid on June 1, 2021, to shareholders on record by May 15, 2021. Enstar is recognized as a global insurance leader, specializing in capital release solutions and legacy acquisitions, with over 100 companies acquired since its establishment in 2001.
Enstar Group Limited (NASDAQ: ESGR) has successfully completed a transaction with AXA XL to provide adverse development cover. This entails the assumption of reinsurance losses incurred on or before December 31, 2019, covering a diversified mix of global casualty and professional lines. The premium is equivalent to 90% of $1.550 billion in loss reserves, amounting to $1.395 billion. The subsidiary provides 90% protection on two layers, with AXA XL retaining 10%. The transaction was finalized following regulatory approvals and the satisfaction of closing conditions.
Enstar Group Limited (NASDAQ: ESGR) and Stone Point Capital have finalized the sale of StarStone Underwriting Limited (SUL) to Inigo Limited. Enstar and Stone Point received $30 million in Inigo shares and committed to invest $27 million and $18 million in Inigo, resulting in 5.4% and 3.6% equity ownership respectively. While Enstar retains liabilities from Syndicate 1301’s 2020 and prior underwriting years, these will be reinsured to close into its legacy Syndicate 2008.
Enstar Group Limited (Nasdaq: ESGR) reported impressive financial results for the year ended December 31, 2020. Net earnings soared to $1.7 billion or $78.80 per fully diluted share, up from $902.2 million the previous year. Key drivers included net realized and unrealized gains of $1.6 billion, predominantly from investments and equities. Non-GAAP operating income also surged to $1.6 billion or $71.14 per share, compared to $558.0 million in 2019. Shareholders' equity rose to $6.2 billion or $281.20 per share, reflecting a robust 42.1% increase in book value.
Enstar Group Limited (NASDAQ: ESGR) announced a significant agreement through its subsidiary to provide adverse development cover to AXA XL, a division of AXA. This deal involves covering losses prior to December 31, 2019, for a premium amounting to 90% of $1.550 billion, equating to $1.395 billion. Coverage includes two layers, with the first offering $1.550 billion that exceeds a $9.438 billion retention, and a second layer providing an additional $1.0 billion over $11.363 billion. The transaction is pending regulatory approvals and aims for a Q1 2021 closure.
Enstar Group Limited (NASDAQ: ESGR) announced the successful completion of a significant reinsurance transaction with Continental Casualty Company (CNA) on February 5, 2021. This deal involves the cession of net insurance reserves amounting to approximately $690 million, related to excess workers’ compensation business from 2007 and earlier. The transaction was finalized after receiving necessary regulatory approvals and meeting other closing conditions.
Enstar Group Limited (Nasdaq: ESGR) announced cash dividends for its Series D and Series E preference shares. Shareholders will receive $0.43750 per depositary share for both Series D and Series E, with dividends payable on March 1, 2021, to those on record by February 15, 2021. The Series D and E shares have a fixed-to-floating rate and a perpetual non-cumulative structure, both yielding 7.00%. Enstar, a global insurance leader since 2001, focuses on innovative capital release solutions.
FAQ
What is the current stock price of Enstar Group (ESGR)?
What is the market cap of Enstar Group (ESGR)?
What is Enstar Group Ltd known for?
Where is Enstar Group Ltd headquartered?
How many employees does Enstar Group Ltd have?
What are the main segments of Enstar Group's operations?
What are Enstar's notable brands?
What recent milestone has Enstar achieved?
What does the Run-off segment focus on?
What is the goal of Enstar's Investments segment?
How many companies and portfolios has Enstar acquired?
What types of services does Enstar provide?
