Enstar Group News

QBE Insurance Announces $1.9 Billion Loss Portfolio Transfer With Enstar

QBE Insurance Group announced a reinsurance transaction with legacy acquisition specialist Enstar, designed to de-risk the group’s exposure to portfolio reserves totaling US$1.9 billion. “This portfolio includes reserves primarily relating to North America and international financial lines, discontinued programs and …

People Moves: Gallagher Names Hughes as Aerospace Consultant; Tokio Marine HCC Hires Faubert for Credit & Political Risk; Enstar’s CFO to Step Down

This edition of International People Moves covers appointments for broker Gallagher in London, for insurer Tokio Marine HCC – Credit Group in Paris, and for Enstar Group in Bermuda. A summary of these new hires follows here. Gallagher Names Hughes …

Enstar to Repurchase Hillhouse’s Equity Stake, Buys Controlling Interest in Enhanzed Re

Bermuda-based Enstar Group Ltd. announced it has entered into an agreement to repurchase Hillhouse Capital Management’s entire remaining stake in Enstar for $879.3 million. The shares constitute 16.9% of total ordinary shares and 9.4% of voting ordinary shares. The transaction …

Hiscox Completes Legacy Reinsurance Deal with Enstar Group

Bermuda-based specialist insurer Hiscox Ltd. has completed a loss portfolio transfer (LPT) agreement with Enstar Group Ltd., whereby Enstar’s Syndicate 2008 will assume historical liabilities for selected lines of Hiscox Syndicate 3624, including the majority of Hiscox USA’s surplus lines …

Legacy Specialist Enstar Provides $2.3B Adverse Development Cover for AXA XL

Enstar Group Ltd. announced that one of its wholly owned subsidiaries has signed an agreement to provide adverse development cover to AXA XL, a division of AXA. In the transaction, Enstar’s subsidiary will cover losses incurred on or prior to …

New Insurance Group Inigo Gets Approval from Lloyd’s to Start Underwriting in January

Inigo Ltd., the new London insurance group that has raised $800m in start-up capital from a group of blue chip global investors, announced that it has received approval in principle from the Corporation of Lloyd’s and will start underwriting for …

New Insurance Group Inigo Raises $800M of Capital; Founded by Former Hiscox Execs

Inigo Ltd., a new London-based insurance group, announced it has completed a capital raise of approximately $800 million from a consortium of global investors, comprising (among others) funds controlled by Caisse de dépôt et placement du Québec (CDPQ), Enstar, J.C. …

Enstar to Sell Starstone’s Lloyd’s Managing Agency to New Re/Insurance Venture Inigo

Enstar Group Ltd. and Stone Point Capital LLC announced they have signed definitive agreements to sell StarStone Underwriting Ltd. (SUL), the Lloyd’s managing agency, together with the right to operate Lloyd’s Syndicate 1301, to Inigo Ltd., a new specialty re/insurance …

Arch Capital to Buy Watford for $700M in Cash, with Support from Former Rival Enstar

Arch Capital Group Ltd. and Watford Holdings Ltd. announced a revised definitive agreement under which Arch will acquire all of the common shares of Watford for $35.00 per share, in an all-cash offer valued at approximately $700 million. The deal …

Enstar Offers $34.50 per Share for Watford Holdings, Surpassing Arch Capital’s Bid

Watford Holdings Ltd.’s board of directors announced they are considering an acquisition offer of $34.50 per share from Enstar Group which could be a “superior proposal” to the recent offer from Arch Capital Ltd. for approximately $622 million, or $31.10 …