Enstar

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.

The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.

Need to Know

The insurer has been working to build a reputation for favorable reserve development after past sins.

During the period, the legacy business completed a $1.9bn LPT with QBE and a $245mn LPT with RACQ Insurance.

The legacy carrier’s wholly owned subsidiary will reinsure 80% of RACQ’s motor vehicle compulsory third-party insurance liabilities of accident years 2021 and prior.

The carrier attributed its results to strong investment returns.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The deal includes a diversified book of international and NA financial lines, European and NA reinsurance portfolios, and several US discontinued programs.

The Canadian pension fund will retain 9.4% of the carrier’s voting shares.