Transaction supports leading global insurance group’s next chapter as a private companyHAMILTON, Bermuda, July 02, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced the closing of its acquisition by investment vehicles managed by affiliates of Sixth Street, a leading global investment firm, for $338.00 in cash per ordinary share, representing a total equity value of $5.1 billion. Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors also p ...

Financial Performance - Net income attributable to Enstar ordinary shareholders decreased by $69 million to $50 million for Q1 2025, compared to $119 million in Q1 2024[170]. - Comprehensive income attributable to Enstar for Q1 2025 was $125 million, an increase from $100 million in Q1 2024[172]. - The company reported net income attributable to ordinary shareholders of $50 million for the three months ended March 31, 2025, down from $119 million in 2024[176]. - Adjusted return on equity for Q1 2025 is 0.9%, compared to 2.4% in Q1 2024, indicating a decrease in performance year-over-year[206]. - The net income from the Investments segment was $183 million in Q1 2025, down from $224 million in Q1 2024, a decrease of 18.3%[218]. - The company reported a reduction in estimated future expenses for defendant A&E, with a decrease from $33 million to $32 million[209]. - Total expenses increased by $17 million to $85 million for the three months ended March 31, 2025, up from $68 million in the same period in 2024[230]. Investment Performance - Total investment returns recognized in net income for Q1 2025 were $193 million, down from $234 million in Q1 2024, a decrease of $41 million[171]. - Net investment income for Q1 2025 was $148 million, a decrease of $12 million from Q1 2024[171]. - Fair value changes in other investments, including equities, decreased by $80 million in Q1 2025 compared to Q1 2024, significantly impacting overall investment performance[218]. - Annualized total investment return (TIR) for Q1 2025 was 5.4%, compared to 4.9% in Q1 2024[172]. - The average aggregate invested assets at fair value for the three months ended March 31, 2025, were $18,053 million[211]. - The total fixed maturities increased by $280 million to $8.57 billion as of March 31, 2025, driven by new purchases and fair value changes[220]. Capital and Debt Management - The company issued $350 million in 7.50% Fixed-Rate Reset Junior Subordinated Notes due 2045 on March 18, 2025[163]. - Total capitalization attributable to Enstar increased to $8.2 billion as of March 31, 2025, from $7.9 billion as of December 31, 2024[256]. - Total debt obligations increased by $115 million from December 31, 2024, reaching $1.948 billion as of March 31, 2025, primarily due to the issuance of the new Junior Subordinated Notes[284]. - The company has $1.898 billion in letters of credit outstanding as of March 31, 2025, indicating significant financing commitments[293]. - Enstar held 15.6% of its portfolio, or $2.8 billion, in fixed maturity investments with floating interest rates as of March 31, 2025[239]. Operational Efficiency - General and administrative expenses increased by $4 million to $91 million in Q1 2025, primarily due to merger-related costs[173]. - The company continues to focus on improving claims management and monitoring performance across acquisition years to enhance operational efficiency[178]. - The Run-off segment's performance is a key focus area, with ongoing analysis of operations and results[212]. - The company continues to monitor inflationary impacts and has not seen significant effects on its net loss reserves from inflationary pressures since 2021[240]. Shareholder Returns - The company expects to return $500 million in cash to shareholders as part of the Merger consideration[259]. - The company expects to return $500 million to shareholders as part of the Merger Agreement, with a total of $338 per ordinary share received[290]. Foreign Exchange and Other Impacts - Net foreign exchange losses for Q1 2025 were $16 million, compared to gains of $9 million in the comparative quarter[173]. - Net foreign exchange losses amounted to $16 million for the three months ended March 31, 2025, primarily due to the strengthening of AUD, EUR, and GBP against USD, compared to net foreign exchange gains of $9 million in the prior year[230].

PEMBROKE, Bermuda, April 24, 2025 (GLOBE NEWSWIRE) -- AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS” or the “Company”) (NYSE: AXS) and Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today that they have completed a loss portfolio transfer (“LPT”) transaction, covering reinsurance segment reserves predominantly attributable to casualty portfolios related to 2021 and prior underwriting years. The LPT reinsurance agreement covers reinsurance segment reserves totalling $3.1 billion at Septemb ...

HAMILTON, Bermuda, March 17, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced the expiration and final results of its previously announced cash tender offer (the “Tender Offer”) for any and all of the outstanding 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040 issued by Enstar’s wholly owned subsidiary, Enstar Finance LLC, that Enstar guarantees on a junior subordinated basis (the “Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on March ...

HAMILTON, Bermuda, March 12, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced the pricing of $350 million aggregate principal amount of its 7.500% Fixed-Rate Reset Junior Subordinated Notes due 2045 (the “Notes”). The offering is expected to close on March 18, 2025, subject to satisfaction of customary closing conditions. Enstar intends to use the net proceeds from the offering to fund the purchase of the 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040 issue ...

HAMILTON, Bermuda, March 10, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar") (NASDAQ:ESGR) today announced that it has commenced a cash tender offer (the "Tender Offer") for any and all of the outstanding 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040 issued by Enstar's wholly owned subsidiary, Enstar Finance LLC, that Enstar guarantees on a junior subordinated basis (the "Notes"). The table below sets forth additional information with respect to the Notes and the Tender Offer. Title of ...

HAMILTON, Bermuda, March 07, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ:ESGR) announced today that the credit rating agency AM Best has assigned a Financial Strength Rating of "A" (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a+" (Excellent) to Cavello Bay Reinsurance Limited (Cavello Bay), a subsidiary of Enstar Group Limited (Enstar) and its primary non-life run-off consolidator and a Class 3B reinsurer. The outlook assigned to these Credit Ratings is stable. On issuing i ...

Core Viewpoint - Enstar Group Limited's subsidiary, Cavello Bay Reinsurance Limited, has received an "A" Financial Strength Rating and an "a+" Long-Term Issuer Credit Rating from AM Best, indicating strong financial stability and operational performance [1][2]. Group 1: Ratings and Financial Strength - AM Best assigned a Financial Strength Rating of "A" (Excellent) and a Long-Term Issuer Credit Rating of "a+" (Excellent) to Cavello Bay, with a stable outlook [1]. - The ratings reflect Enstar's balance sheet strength and strong operating performance, which is expected to remain stable throughout 2025 [2]. Group 2: Management and Business Model - The ratings affirm Enstar's established position in the global legacy market and highlight the company's strong capital position and resilient business model [3]. - The "A" rating for Cavello Bay enhances Enstar's ability to structure insurance transactions that align with the strategic objectives of its partners [3]. Group 3: Company Overview - Enstar is a leading global insurance group listed on NASDAQ, specializing in innovative capital release solutions and legacy acquisitions, having acquired over 120 companies and portfolios since its inception in 2001 [4].

HAMILTON, Bermuda, March 04, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today its Lloyd’s syndicate (“Syndicate 2008”), managed by Enstar Managing Agency Limited, has completed the previously announced transaction with Atrium Syndicate 609, managed by Atrium Underwriters Limited. Under the terms of the loss portfolio transfer agreement, Atrium Syndicate 609 ceded net loss reserves of approximately $196 million, based on Atrium’s carried reserves as at Q3 2024, to Ensta ...

Financial Performance - Enstar's return on equity (ROE) for Q4 2024 was 2.7%, a decrease from 13.7% in Q4 2023[16] - Adjusted ROE for Q4 2024 was 4.5%, down from 9.0% in the same quarter last year[16] - Basic net earnings per share for Q4 2024 were $10.02, compared to $40.14 in Q4 2023[16] - Diluted net earnings per share for Q4 2024 were $9.76, down from $39.71 in Q4 2023[16] - Annualized total investment return (TIR) for Q4 2024 was 3.8%, significantly lower than 14.8% in Q4 2023[16] - Total revenues for Q4 2024 were $211 million, a decrease from $1 million in Q4 2023[23] - Net investment income for Q4 2024 was $17 million, compared to $0 million in Q4 2023[23] - The segment income for Q4 2024 was $18 million, while the segment income for Q4 2023 was $104 million, indicating a decline of 82.69%[25] - For the year-to-date Q4 2024, total revenues were $1.09 billion, compared to $1.11 billion in the same period of 2023, showing a slight decrease of 1.80%[28] - Net income attributable to Enstar ordinary shareholders for Q4 2024 is $147 million, with adjusted net income rising to $256 million[48] - Net income for 2024 was $540 million, resulting in a Return on Equity (ROE) of 10.7%, compared to a net income of $1,082 million and an ROE of 24.2% in 2023[50] - Adjusted net income for 2024 was $1,515 million, with an adjusted ROE of 12.7%, while in 2023, adjusted net income was $1,102 million with an adjusted ROE of 18.8%[50] Assets and Capitalization - Total assets as of December 31, 2024, were $20.407 billion, a decrease from $20.913 billion in 2023[17] - Ordinary shareholders' equity increased to $5.581 billion in 2024 from $5.025 billion in 2023[17] - Total capitalization attributable to Enstar was $7.9 billion as of December 31, 2024, compared to $7.4 billion as of December 31, 2023[40] - Debt to total capitalization attributable to Enstar was 23.1% as of December 31, 2023, down from 24.9% in the previous year[40] - Total investable assets as of December 31, 2024, were $18.007 billion, a decrease from $18.243 billion in 2023[64] Investment Performance - The average price per share for repurchased shares in 2023 was $227.18, with 841,735 shares repurchased[16] - Net investment income for the year ended December 31, 2024, was $651 million, compared to $647 million in 2023, reflecting a slight increase[64] - The annualized Total Investment Return (TIR) for 2024 was 3.8%, down from 14.8% in 2023[64] - Adjusted TIR for the year ended December 31, 2024, was $1.128 billion, compared to $1.057 billion in 2023[64] - The annualized adjusted TIR for 2024 was 7.1%, compared to 5.5% in 2023[64] Expenses and Losses - Total expenses in Q4 2024 were $26 million, a significant decrease from $88 million in Q4 2023, representing a 70.45% reduction[25] - General and administrative expenses in Q4 2024 were $39 million, down from $47 million in Q4 2023, a decrease of 17.02%[25] - The company reported a goodwill impairment of $63 million in Q4 2024, which was not present in Q4 2023[28] - The company reported a net realized loss of $11 million on fixed maturities for Q4 2024, impacting overall financial performance[48] - The company incurred net current period losses and LAE, excluding paid losses, of $21 million in 2024, while in 2023, it was a loss of $30 million[56] Acquisitions and Mergers - The company entered into a definitive merger agreement with Sixth Street for $5.1 billion, approved by shareholders[9] - The adjusted ultimate losses for the acquisition year 2021 amounted to $5.320 billion, which includes $1.611 billion related to the acquisition of Enhanced Re[37] - The ultimate losses for the acquisition year 2023 were reported at $2.215 billion[34] Ratings and Outlook - Credit ratings for Enstar include a long-term issuer rating of BBB+ with a stable outlook from Standard and Poor's[41] - Enstar's subsidiary, Cavello Bay Reinsurance Limited, received an S&P Insurer Final rating with a stable outlook in March 2024[43] Shareholder Information - Fully diluted book value per ordinary share for the year ended December 31, 2024, is $368.47, compared to $336.72 for 2023, reflecting an increase of approximately 9.5%[46] - Total ordinary shareholders' equity as of December 31, 2024, is $5,581 million, an increase from $5,025 million in 2023[46] Adjustments and Non-GAAP Measures - The company reported non-GAAP adjustments including net realized losses on fixed maturities of $9 million in 2024 and $65 million in 2023[50] - Fair value changes on fixed maturities, trading, resulted in a gain of $25 million in 2024, compared to a loss of $84 million in 2023[50] - Adjusted operating income attributable to Enstar ordinary shareholders is calculated by excluding fair value changes and net realized gains/losses, providing a clearer view of operational performance[45] - The company aims to enhance comparability of core operating performance by excluding non-cash impacts and expenses related to mergers and acquisitions[45]