Enstar

Enstar Q4 operating profit up 3.5x to $748mn despite UW loss

Net and operating profits surged at live-to-legacy player Enstar for the fourth quarter and full year despite underwriting losses in both reporting periods driven by StarStone and its non-life run-off unit.

Enstar provides ADC for $1.395bn Axa XL long-tail portfolio

Enstar has revealed its newly agreed adverse development cover (ADC) for Axa XL will see it provide two layers of cover for a $1.395bn portfolio.

Enstar completes $690mn CNA workers’ comp legacy reinsurance deal

Legacy-to-live powerhouse Enstar Group has completed its previously announced $690mn deal with a subsidiary of CNA Group to reinsure a portfolio of excess workers’ compensation business.

TowerBrook, Further Global and Ritz team up for $586mn ProSight deal

Private equity firms TowerBrook Capital Partners and Further Global Capital Management have agreed a take-private deal for ProSight Specialty in an all-cash acquisition valued at around $586mn that will also see the US carrier enter into a legacy reinsurance transaction with Enstar.

CNA transfers $690mn of workers’ comp liabilities to Enstar

Enstar has capped off a busy 2020 with a legacy deal for CNA Financial Corporation to transfer $690mn of net excess workers’ compensation liabilities under a retroactive reinsurance agreement with a $1bn aggregate limit.

Enstar enters deal for $420mn Liberty US liability portfolio

Enstar is to reinsure a legacy portfolio of US liability business written by Liberty Mutual Insurance Europe through London.

Core Specialty opens for business after StarStone US completes recap

Specialty P&C carrier Core Specialty Insurance Holdings has officially launched following the $900mn recapitalisation of StarStone US Holdings.

Watson start-up Inigo agrees deal to buy StarStone Lloyd’s platform

Richard Watson’s specialty (re)insurer Inigo Limited has agreed a deal to buy Lloyd’s managing agency StarStone Underwriting Ltd (SUL) and the rights to operate Syndicate 1301 from Enstar and Stone Point, which will take a stake in the start-up alongside Dowling.

Profits jump at Enstar on strong investment performance

Enstar reported third-quarter net profits that surged from $117.7mn to $615.0mn and operating profits that climbed from $32.7mn to $574.4mn driven by strong investment gains in its non-life run-off segment, while Atrium and StarStone returned to underwriting profit.

Enstar to make $18.6mn on Watford bet

Enstar is set to record a gain of $18.6mn on its investment in Watford Holdings through the deal which will see Watford acquired by Arch Capital.

Arch puts value on reputation

The brief battle for Watford Holdings looks to have ended after Arch raised its offer and won support from two adversarial shareholders on Monday, but the key driver behind the Bermudian’s move to ward off rival interest may have got lost in the public skirmishes.

Hamilton pulls Aon-led Acappella RITC process

Bermudian carrier Hamilton has halted the Aon-run process to find a legacy counterparty to take on the liabilities of its defunct Lloyd’s syndicate Acappella after two shortlisted bidders attempted to impose Covid-19 exclusions on any potential reinsurance to close (RITC), The Insurer can reveal.

Arch increases Watford offer to $35 a share with Enstar support

Arch has agreed a revised deal with Watford Holdings to buy the total return reinsurer for $35.00 a share with backing from private equity firms Warburg Pincus and Kelso & Co, in a move that has gained the support of rival bidder and shareholder Enstar, as well as activist investor Ron Bobman.

Watford board opens up to talks with Enstar over $34.50 a share proposal

The board of Watford Holdings has opened the door to discussions with Enstar after deciding that the $34.50 a share unsolicited, non-binding bid footed by its fellow Bermudian last week could lead to a “superior proposal” than the $31.10 a share deal it has agreed with Arch.

Enstar completes first insurance business transfer in US

Enstar Group has completed the first ever insurance business transfer (IBT) in the US as Oklahoma won the race to be the jurisdiction facilitating the debut transaction in a move that some have predicted could open the floodgates for legacy deals in the world’s biggest insurance market.

Enstar increases Watford offer to $34.50 a share and makes litigation threat

Enstar has made a second indicative non-binding bid of $34.50 per share for Watford Holdings – up from its initial $31.00 a share offer – and expressed its “strong disappointment” with the total return reinsurer’s board for entering into an agreement to sell to Arch at $31.10 a share.

JMP: No guarantee that Enstar will return with higher Watford offer

Despite Watford Holdings’ share price currently trading at a modest premium to Arch Capital’s $622mn all-cash offer, it is “more likely than it may seem” that rival suitor Enstar could walk away from its own ambitions for the Bermudian, according to JMP Securities analyst Matthew Carletti.

Could Arch-Watford be a good enough deal for Enstar too?

In other circumstances Arch’s $31.10 agreed offer for Watford Holdings might look like the start of a saga. But while Enstar may yet counter, the interwovenness of Arch and the total return reinsurer it founded means the 0.8x deal on the table may satisfy more parties than the initial noise suggests.

Enstar seeks Watford due diligence and points to higher offer

Enstar has followed up on its indicative $31.00 a share cash move for Watford Holdings by seeking a non-disclosure agreement with its fellow Bermudian for due diligence that it said could lead it to increase its offer.

Enstar proposes $615mn offer for Watford Re

Enstar has proposed a $31.00 per share offer for Watford Re, around 23 percent higher than the offer reportedly made by an Arch-led consortium last month.

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