Investor Financial Supplement March 31, 2024 Explanatory Notes Non-GAAP Financial Measures Explanatory Notes (continued) 2. Enstar has certain private equity funds that are collectively held in a limited partnership, which management evaluates based on the nature of the underlying investments within these funds. U.S. GAAP requires that the investment be classified as "Private equity funds" within "Other Investments". 4 Non-GAAP financial measure, refer to pages 9 to 14 for explanatory notes and a reconcilia ...

Press Release For Release: Immediately Telephone: +1 (441) 292-3645 Date: May 2, 2024 Contact: Enstar Communications Enstar Group Limited Reports First Quarter 2024 Results * Non-GAAP measure; refer to "Non-GAAP Financial Measures" further below for explanatory notes and a reconciliation to the most directly comparable GAAP measure. HAMILTON, Bermuda - May 2, 2024 - Enstar Group Limited (Nasdaq: ESGR) today announced financial results for the first quarter 2024. First Quarter 2024 Highlights: Enstar Group L ...

Financial Performance - Net income attributable to Enstar ordinary shareholders for Q1 2024 was $119 million, down from $424 million in Q1 2023, reflecting a decrease of 71.9%[166]. - Comprehensive income attributable to Enstar for Q1 2024 was $100 million, compared to $239 million in Q1 2023, a decline of 58.2%[167]. - Return on equity (ROE) decreased to 2.4% in Q1 2024 from 9.5% in Q1 2023, a drop of 7.1 percentage points[166]. - Net income for the first quarter of 2024 was $119 million, resulting in an annualized ROE of 9.5%, consistent with the previous year[220]. - Adjusted net income for the first quarter of 2024 was $141 million, leading to an annualized adjusted ROE of 10.5%[221]. - Net loss attributable to Enstar ordinary shareholders was $94 million for Q1 2024, compared to $190 million in Q1 2023, primarily due to a decrease in net income attributable to noncontrolling interests[253]. Investment Performance - Total investment returns recognized in income for Q1 2024 were $234 million, down from $355 million in Q1 2023, a decrease of 34.1%[169]. - Net investment income for Q1 2024 was $160 million, slightly up from $156 million in Q1 2023, an increase of 2.6%[169]. - The annualized TIR % for Q1 2024 was 3.2%, compared to 7.6% in Q1 2023, reflecting a decrease in overall investment performance[195]. - The unfavorable movement in income from equity method investments was $16 million, primarily due to a $29 million increase in losses from Monument Re[200]. - Net investment income for the Investments segment increased to $160 million in Q1 2024 from $156 million in Q1 2023, representing a 2.6% increase[234]. - Total revenues for the Investments segment decreased to $239 million in Q1 2024 from $344 million in Q1 2023, a decline of 30.5%[234]. - The annualized TIR for the Investments segment was 4.9% in Q1 2024, down from 9.5% in Q1 2023[234]. Asset Management - Book value per share (BVPS) increased by 1.7% from $343.45 as of December 31, 2023, to $349.41 as of March 31, 2024[173]. - Cumulative unrealized loss and fair value changes in fixed maturities portfolio and funds held was $789 million as of March 31, 2024, impacting BVPS by $53.82 per share[170]. - Investable assets decreased by 3.1% to $9.733 billion from December 31, 2023, to March 31, 2024, while adjusted investable assets decreased by 2.6%[202]. - The average duration of fixed maturities decreased from 4.04 years as of December 31, 2023, to 3.91 years as of March 31, 2024[203]. - The total fixed maturities and cash equivalents decreased by $587 million, primarily driven by net paid losses[203]. - Other investments, including equities, increased by $165 million from $3,853 million on December 31, 2023, to $4,018 million on March 31, 2024, driven by fair value changes and funding of various asset strategies[238]. Operational Efficiency - General and administrative expenses decreased by $2 million in Q1 2024, primarily due to lower professional fees[207]. - Acquisition costs for Q1 2024 were $1 million, down from $2 million in Q1 2023, indicating improved cost management[180]. - The company utilizes non-GAAP financial measures to provide a more consistent view of operational performance, excluding certain items that may obscure trends[209]. - The company maintained effective disclosure controls and procedures as of March 31, 2024, ensuring timely reporting of required information[315]. Cash Flow and Liquidity - Cash and cash equivalents decreased by $70 million during Q1 2024, primarily due to cash used in operating activities of $168 million[288]. - Enstar's cash flows from operating activities were negative $168 million in Q1 2024, a significant decrease compared to positive cash flows of $70 million in Q1 2023[291]. - Cash used in operating activities for Q1 2024 was $168 million, compared to cash provided of $70 million in Q1 2023, primarily due to net paid losses of $670 million[292]. - Cash provided by investing activities increased to $102 million in Q1 2024 from $94 million in Q1 2023, driven by net sales of fixed maturities, AFS of $184 million[293]. - Cash used in financing activities decreased significantly to $8 million in Q1 2024 from $349 million in Q1 2023, mainly due to a reduction in share repurchases[294]. Regulatory and Market Environment - The Bermuda government enacted a 15% corporate income tax effective January 1, 2025, which is expected to impact a meaningful portion of Enstar's income[273]. - The company expects global financial markets to remain uncertain throughout 2024 due to various macroeconomic factors, including potential recession and geopolitical tensions[258]. - Enstar continues to monitor inflationary impacts and has not seen significant effects on net loss reserves despite rising inflation since 2021[265]. Segment Performance - The Run-off segment reported net premiums earned of $11 million in Q1 2024, up from $8 million in Q1 2023, reflecting a 37.5% increase[229]. - The Run-off segment incurred a net loss of $11 million in Q1 2024, compared to a net loss of $5 million in Q1 2023, indicating a worsening of 120%[230]. - The Run-off segment's total revenues increased to $14 million in Q1 2024 from $13 million in Q1 2023, a growth of 7.7%[229]. - The Run-off segment experienced a net favorable development of $29 million in Professional Indemnity/Directors and Officers line of business in Q1 2024[230]. Debt and Capital Management - As of March 31, 2024, total debt obligations were $1,832 million, slightly up from $1,831 million at the end of 2023[303]. - The company has unfunded investment commitments totaling $1,572 million, with $335 million due in the short term and $1,237 million in the long term[312]. - Credit ratings as of May 2, 2024, include a long-term issuer rating of BBB+ from both Standard and Poor's and Fitch Ratings[306]. - The company has not declared any dividends on ordinary shares to date, with a strategy to potentially return value to shareholders through share repurchases or dividends[308].

HAMILTON, Bermuda, April 30, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ:ESGR) has announced today that one of its wholly-owned subsidiaries has reached an agreement for a loss portfolio transfer with a subsidiary of SiriusPoint Ltd. ("SiriusPoint") to reinsure a $400 million portfolio of Workers' Compensation business covering underwriting years 2018 to 2023. Under the reinsurance agreement, which will be entered into at closing, SiriusPoint will cede net reserves of approximately $400 million, a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission File Number 001-33289 ENSTAR GROUP LIMITED (Exact name of Registrant as specified in its charter) BERMUDA N/A (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) A.S. Cooper Building, 4th Floor, 26 Reid Street, Hamilton HM 11, Bermuda (Addres ...

HAMILTON, Bermuda, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar") (NASDAQ:ESGR) today announced that it will pay cash dividends on its Series D and Series E preference shares. Dividends on Enstar's Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series D Preference Share) will be payable on March 1, 2024 to shareholders of record on February 15, 2024. Dividends on Enstar's ...

[PART I — FINANCIAL INFORMATION](index=8&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=8&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Enstar's net earnings significantly improved to **$483 million**, driven by favorable investment returns and other income, despite lower prior period development Consolidated Financial Performance Summary (Nine Months Ended Sep 30) | Financial Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **Net Earnings (Loss) Attributable to Enstar** | $483 million | ($1,133) million | $1,616 million | | **Return on Equity (ROE)** | 10.8% | (19.5)% | 30.3 pp | | **Book Value Per Share (BVPS)** | $282.37 | - | - | | **Total Investment Return (TIR) (Annualized)** | 4.7% | (13.0)% | 17.7 pp | | **Run-off Liability Earnings (RLE)** | 0.3% | 4.0% | (3.7) pp | - Completed a Loss Portfolio Transfer (LPT) with QBE, assuming **$2.0 billion** in net loss reserves for **$1.9 billion** in consideration, and another with RACQ, assuming **$179 million** in net loss reserves[19](index=19&type=chunk) - Completed the unwind of Enhanzed Re, recognizing a **$275 million** net gain on the novation of a life annuity portfolio to Monument Re in Q1 2023[21](index=21&type=chunk) - Repurchased all **1,597,712** outstanding non-voting convertible ordinary shares from CPP Investments for **$341 million** in March 2023[23](index=23&type=chunk) [Operational Highlights](index=9&type=section&id=Operational%20Highlights) Enstar completed key LPT transactions, unwound Enhanzed Re, repurchased shares, and enhanced its credit facility and rating Key Transactions in 2023 | Counterparty | Transaction Type | Net Loss Reserves Assumed | Consideration | | :--- | :--- | :--- | :--- | | QBE | LPT | $2.0 billion | $1.9 billion | | RACQ | LPT | $179 million | $179 million | - The unwind of Enhanzed Re was completed, resulting in an inception-to-date return of **24%**, including a **$275 million** net gain from novating a life annuity block[21](index=21&type=chunk) - Capital activities included repurchasing all outstanding Series C and Series E non-voting ordinary shares for **$341 million**, increasing the revolving credit facility to **$800 million**, and receiving a credit rating upgrade to **BBB+** from S&P[23](index=23&type=chunk) [Consolidated Results of Operations](index=11&type=section&id=Consolidated%20Results%20of%20Operations) Net earnings reached **$483 million** due to **$660 million** in favorable investment returns, despite lower prior period development, increasing BVPS by **7.7%** Financial Results (Nine Months Ended Sep 30) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Earnings Attributable to Enstar | $483M | ($1,133M) | | Total Investment Return in Earnings | $660M | ($1,300M) | | Favorable Prior Period Development | $35M | $476M | | Other Income | $280M | $33M | - BVPS and Adjusted BVPS increased by **7.7%** and **7.0%** respectively from year-end 2022, driven by comprehensive income and accretive share repurchases[34](index=34&type=chunk) - Net investment income increased by **$169 million** year-over-year, primarily due to reinvesting at higher yields and rising interest rates on floating-rate securities[30](index=30&type=chunk)[83](index=83&type=chunk) [Non-GAAP Financial Measures](index=29&type=section&id=Non-GAAP%20Financial%20Measures) Enstar uses non-GAAP measures like Adjusted BVPS and ROE to assess core performance by excluding interest rate volatility and non-recurring items - Management uses non-GAAP measures to assess performance by excluding the impact of interest rate movements on assets and liabilities, which they believe impairs comparability[106](index=106&type=chunk)[107](index=107&type=chunk) Reconciliation of BVPS to Adjusted BVPS* | As of | BVPS (GAAP) | Adjusted BVPS* (Non-GAAP) | | :--- | :--- | :--- | | **Sep 30, 2023** | $282.37 | $277.01 | | **Dec 31, 2022** | $262.24 | $258.92 | Reconciliation of ROE to Adjusted ROE* (Nine Months Ended Sep 30) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **ROE (GAAP)** | 10.8% | (19.5)% | | **Adjusted ROE* (Non-GAAP)** | 10.8% | (5.2)% | [Results of Operations by Segment](index=40&type=section&id=Results%20of%20Operations%20by%20Segment) Investments segment drove profitability with **$627 million** in earnings, while Run-off recorded a **$42 million** loss and Assumed Life gained **$276 million** Segment Net Earnings (Loss) (Nine Months Ended Sep 30, 2023) | Segment | Net Earnings (Loss) | | :--- | :--- | | Run-off | ($42 million) | | Assumed Life | $276 million | | Investments | $627 million | | Legacy Underwriting | $0 | | Corporate and other (attributable to Enstar) | ($378 million) | - The Run-off segment's performance declined due to a **$160 million** decrease in favorable prior period development compared to the prior year[134](index=134&type=chunk) - The Assumed Life segment's earnings were driven by a **$275 million** pre-tax gain on the novation of the Enhanzed Re life annuity block[141](index=141&type=chunk)[142](index=142&type=chunk) [Current Outlook](index=51&type=section&id=Current%20Outlook) Enstar anticipates market volatility but sees long-term opportunities from higher interest rates and continues to pursue run-off transactions - Entered into an agreement with AIG to provide up to **$400 million** of adverse development cover on Validus Re's carried loss reserves, effective November 1, 2023[167](index=167&type=chunk) - Expects market volatility to persist but views elevated interest rates as a medium-to-long-term opportunity for higher investment yields, with **18%** (**$3.4 billion**) of the portfolio in floating-rate investments[171](index=171&type=chunk)[174](index=174&type=chunk) - The company's largest movements in loss reserves typically occur in the fourth quarter following annual loss reserve studies[169](index=169&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) Enstar maintains strong liquidity, with **$303 million** from operations, an increased **$800 million** revolving credit facility, and **$1.83 billion** in total debt Cash Flow Summary (Nine Months Ended Sep 30, 2023) | Cash Flow Activity | Amount | | :--- | :--- | | Provided by Operating Activities | $303 million | | Used in Investing Activities | ($193 million) | | Used in Financing Activities | ($542 million) | | **Net Decrease in Cash** | **($446 million)** | - In May 2023, the company increased its revolving credit facility from **$600 million** to **$800 million**, extending expiry to May 2028, with **$800 million** available as of September 30, 2023[191](index=191&type=chunk)[343](index=343&type=chunk) - Total debt obligations stood at **$1.83 billion** as of September 30, 2023, consisting of **$991 million** in Senior Notes and **$840 million** in Junior Subordinated Notes[210](index=210&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Principal market risks include interest rate, credit, equity price, and foreign currency, with no material changes in 2023 - The company's primary market risks are interest rate, credit, equity price, and foreign currency risk. No material changes to these risks or related management policies occurred in the first nine months of 2023[220](index=220&type=chunk) [Financial Statements](index=61&type=section&id=Item%201.%20Financial%20Statements) Unaudited financial statements show total assets of **$21.0 billion** and equity of **$4.9 billion**, reflecting ASU 2018-12 adoption Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Investments | $14.8 billion | $14.6 billion | | Total Assets | $21.0 billion | $22.2 billion | | Total Liabilities | $16.0 billion | $16.8 billion | | Total Enstar Shareholders' Equity | $4.9 billion | $5.0 billion | - The company adopted ASU 2018-12 regarding long-duration contracts on January 1, 2023, resulting in a **$363 million** increase to Accumulated Other Comprehensive Income (AOCI) due to remeasurement[242](index=242&type=chunk)[303](index=303&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=69&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail LPTs, the **$14.8 billion** investment portfolio, **$12.9 billion** loss liability, fair value measurements, **$1.8 billion** debt, and equity changes - Completed LPTs with QBE and RACQ, assuming a combined **$2.2 billion** in net loss reserves for **$2.0 billion** in consideration[245](index=245&type=chunk) - The liability for losses and loss adjustment expenses stood at **$12.9 billion** as of September 30, 2023, with a net favorable prior period development of **$35 million** for the nine months ended[284](index=284&type=chunk) - In March 2023, the company repurchased all **1,597,712** of its non-voting convertible ordinary shares for **$341 million**[353](index=353&type=chunk) [Controls and Procedures](index=111&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of September 30, 2023[374](index=374&type=chunk) - No material changes to internal controls over financial reporting occurred during the third quarter of 2023[375](index=375&type=chunk) [PART II — OTHER INFORMATION](index=112&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=112&type=section&id=Item%201.%20Legal%20Proceedings) Enstar is involved in routine legal proceedings, not expected to materially impact its financial condition - The company is involved in routine legal proceedings and does not expect them to have a material impact on its financial condition[366](index=366&type=chunk)[377](index=377&type=chunk) [Risk Factors](index=112&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2022 Annual Report on Form 10-K - Risk factors identified in the 2022 Form 10-K have not materially changed[378](index=378&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=112&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No ordinary shares were repurchased in Q3 2023, and the share repurchase program was terminated in March 2023 - No shares were purchased during the third quarter of 2023. The company's share repurchase program was terminated in March 2023[379](index=379&type=chunk)[380](index=380&type=chunk) [Exhibits](index=113&type=section&id=Item%206.%20Exhibits) The Exhibit Index lists key corporate documents, material agreements, and required CEO/CFO certifications - The Exhibit Index lists key corporate documents, material agreements, and required CEO/CFO certifications[385](index=385&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Commission File Number 001-33289 ENSTAR GROUP LIMITED (Exact name of Registrant as specified in its charter) BERMUDA N/A (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Windsor Place, 3rd Floor, 22 Queen Street, Hamilton HM JX, Bermuda (Address ...

Enstar Group Limited (ESGR) Q1 2023 Earnings Conference Call May 4, 2023 7:00 AM ET Corporate Participants Peter Kalaev - Group Treasurer Matthew Kirk - CFO Dominic Silvester - CEO Conference Call Participants Peter Kalaev Hello everyone, I’m Peter Kalaev, Group Treasurer. Thank you for listening to Enstar’s First Quarter 2023 Earnings Audio Review with CEO Dominic Silvester and CFO Matt Kirk. Before we begin, I’d like to remind everyone that this presentation contains forward looking statements and non-GAA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 Commission File Number 001-33289 ENSTAR GROUP LIMITED (Exact name of Registrant as specified in its charter) BERMUDA N/A (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Windsor Place, 3rd Floor, 22 Queen Street, Hamilton HM JX, Bermuda (Address ...