Enstar
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CFO Matthew Kirk assumed the role of principal accounting officer as of March 7. -
In tandem, the company elevated David Ni as chief strategy officer, Paul Brockman as chief operating officer and Matthew Kirk as chief financial officer.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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2022 represented a period of bumper legacy deal-making for the legacy carrier.
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RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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Enstar is conducting due diligence around taking on the rest of the Argo back book.
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The share purchases take the founder’s stake in the legacy firm to $124mn.
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Completion of the transaction followed receipt of the required regulatory approvals and satisfaction of other closing conditions.
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The carrier also reported run-off liability earnings of $109mn, or 3.7% in the third quarter of the year.
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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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With the addition of roughly 512,000 shares, Enstar’s interest in Argo was valued at ~$62.7mn at the end of June.
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