Legacy
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Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re. -
The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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Increasingly, deals are being brought to market but not transacted on.
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The market is shifting towards capital relief, with fewer, larger deals.
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The company reiterated its commitment to consummating the Accredited sale.
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Its PE owners have been exploring strategic options since May last year.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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The transaction would have been one of the largest the market has seen for years.
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The executive joined the legacy carrier as CIO in 2020.
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As part of the transaction, Carrick will assume the company’s staff and operations.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
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Axis enters into $2.3bn LPT reinsurance agreement with Enstar
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James River reserves now ‘walled off’ from past business: CEO
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James River enters $75mn legacy deal, closes strategic review
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