Enstar
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The ILS play will make the business more capital efficient under new owner Sixth Street. -
The legacy player is working to secure its first deal, and could look to expand to US E&S.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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The deal freed up capital held against deals written in 2019 and 2020.
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The deal announced in its Q2 results came as the carrier agreed a take-private deal.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
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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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He has held a seat on the company’s board since 2017.
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The former Hiscox CUO has $300mn of cornerstone backing from the PE firm to make a deal happen.
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The agreement, which will leave Enstar with 26% of StarStone US, fulfills a long-term ambition for Stone Point.
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SkyKnight, Dragoneer and Aquiline have led the investment.
