Enstar
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The three lines add up to 80% of the deal. -
The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
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The take-private is expected to close by mid-2025.
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The ratings agency said Sixth Street provides flexibility through long-dated capital.
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The company also announced a $5.1bn take-private deal with Sixth Street.
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The deal values the business just under its closing price on Friday, at 0.97x book value.
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The transaction with Enstar covers $234mn of net Accredited reserves.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.
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Industry trends show the Axis book value growth goal may be hard to hit.
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Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
Related
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S&P places 15 holding companies on CreditWatch negative
November 21, 2023 -
Enstar adds Sixth Street to shareholder roll
November 10, 2023 -
Enstar buys back $180mn of stock from CPPIB as it reports Q3 earnings
November 07, 2023 -
Need to Know: US specialty, Vesttoo, AIG
September 06, 2023 -
AIG strikes $400mn reserve deal with Enstar for Validus back years
September 05, 2023