Enstar Group Limited acquired for $5.1 billion, reports strong financial results and growth

From GlobeNewswire: 2024-07-29 07:15:00

Enstar Group Limited has been acquired by a Sixth Street-led consortium for $5.1 billion. The company reported a net income of $126 million attributable to ordinary shareholders, with a return on equity of 2.5%. Enstar has seen year-to-date growth in book value per ordinary share by 4.5%. Additionally, they closed several transactions, including a loss portfolio transfer with SiriusPoint and a reinsurance agreement in the Insurance-linked Securities market.

President of Enstar, Orla Gregory, will be stepping down at the end of the year. She has been a key leader at the company for 21 years and has contributed significantly to its growth and success. Enstar also announced various transactions, such as a loss portfolio transfer with SiriusPoint and a reinsurance agreement in the Insurance-linked Securities market. The company’s net income for the three months ended June 30, 2024, was $126 million, with a return on equity of 2.5%. Enstar’s annualized total investment return was 5.2% for the quarter.

In financial results for the six months ended June 30, 2024, Enstar reported a net income of $245 million attributable to ordinary shareholders, with a return on equity of 4.9%. The company’s run-off liability earnings for the quarter reached $86 million. Enstar’s annualized total investment return was 5.0% for the six months ended June 30, 2024. Enstar’s Bermuda-based subsidiary, Cavello Bay Reinsurance Limited, received an Insurer Financial Strength Rating of ‘A’ with a stable outlook from S&P Global Ratings in March 2024.



Read more at GlobeNewswire:: Enstar Group Limited Reports Second Quarter 2024 Results