Legacy
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The legacy firm said the deal would strengthen its Bermuda operations. -
The ratings agency said Sixth Street provides flexibility through long-dated capital.
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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 Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
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Acquirers are increasingly discerning around deals, according to a report.
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State National is providing $160mn of adverse development reinsurance coverage.
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Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.
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The liquidation will let the company sell its Accredited arm to Onex via an alternative transfer structure.
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The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.
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Of that total, $312.5mn was allocated to resolve the PFAS claims.
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The vehicle will give the legacy carrier a US platform.
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James River enters $75mn legacy deal, closes strategic review
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