Enstar
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The existing $770mn adverse development cover between the two parties has been absorbed as part of the deal. -
The legacy specialist has faced a downturn in profits following a bumper run of results through 2020 and 2021.
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The legacy carrier has made huge gains through its hedge fund strategy through 2020.
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Since joining the company in 2003, Orla Gregory has held increasingly senior roles, rising to acting CFO in September.
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Inside P&C’s news team runs you through the key developments from the last week.
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Enstar plans to use the offering's net proceeds to pay down outstanding debt, as well as finance acquisitions and working capital.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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Investments in the InRe Fund suffered volatility, leading to net realized and unrealized losses of $285.2mn.
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Wolf will remain with the company to assist Gregory during a transition period lasting until September 30.
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The carrier reported book value per share up 8.3% over the first half of the year.
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The repurchase deal will see the 16.9% interest held by the Chinese firm bought back, boosting the firm's book value per share.
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The result reflected a significant improvement on the prior-year quarter, when the investment book was hit by the pandemic.
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