Enstar

The take-private is expected to close by mid-2025.

The ratings agency said Sixth Street provides flexibility through long-dated capital.

The company also announced a $5.1bn take-private deal with Sixth Street.

The deal values the business just under its closing price on Friday, at 0.97x book value.

The transaction with Enstar covers $234mn of net Accredited reserves.

Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.

Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.

Industry trends show the Axis book value growth goal may be hard to hit.

Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.

Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

The San Francisco-headquartered alternative asset manager has invested $183mn in the run-off firm.