Enstar
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Syndicate 609 will cede net loss reserves of approximately $196mn. -
The three lines add up to 80% of the deal.
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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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