Enstar
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The carrier reported book value per share up 8.3% over the first half of the year. -
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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The legacy specialist advises shareholders to approve the “best practice” board change at the AGM in June.
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The legacy company chief will also receive a $20,000 monthly housing allowance as he relocates to Bermuda from the UK.
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The two-layer arrangement includes a 10% retention and involves a premium of just under $1.4bn.
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A previous $120mn deal to sell the life business was blocked by the New York Department of Financial Services.
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He has held a seat on the company’s board since 2017.
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Hessing joined the company in September to replace David Atkins, who had been with Enstar since 2003.
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The deal including 2019 and prior-year business covers about $500mn of loss reserves.
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The agreement follows a share-swap deal between the two companies.
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An unnamed investment manager posited a Watford bid worth about $21/share around four months before Arch’s eventual $35-per-share takeover agreement.
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