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Enstar Group
Enstar Group (ESGR) investor relations material
Enstar Group has been acquired
Enstar Group Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary1 May, 2025
Executive summary
Entered into a Merger Agreement to be acquired by Elk Bidco Limited for $338 per share, totaling $5.1 billion; expected to close mid-2025, subject to regulatory approvals.
Issued $350 million in 7.50% Junior Subordinated Notes and completed a $233 million tender offer for 5.75% Junior Subordinated Notes.
Completed two significant reinsurance transactions in Q1 2025, assuming $359 million in net loss reserves.
Cavello Bay Reinsurance Limited received an 'A' rating from AM Best.
Financial highlights
Net income attributable to ordinary shareholders was $50 million, down from $119 million in Q1 2024.
Comprehensive income attributable to Enstar was $125 million, up from $100 million in Q1 2024.
Book value per share increased to $382.10 from $380.29 at year-end 2024.
Annualized ROE was 3.6%, down from 9.5% in Q1 2024; annualized TIR was 5.4%, up from 4.9%.
Net investment income was $148 million, a decrease of $12 million year-over-year.
Net favorable prior period development of $19 million, primarily from reductions in ultimate loss estimates and ULAE.
Outlook and guidance
Merger expected to close mid-2025; $500 million capital return to shareholders planned at closing.
Actively evaluating new transactions, including LPTs and ADCs, which may impact reserve and asset mix.
Expects continued market volatility in 2025 due to interest rate and geopolitical uncertainty; higher rates seen as a medium-term opportunity.
Inflation and regulatory changes, including Bermuda's new corporate income tax, are being closely monitored; company expects to qualify for a five-year tax exemption.
Explain the rationale for fair value option.
How will the Bermuda CIT impact Enstar?
Detail the JSOP award vesting process.
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Enstar Group
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Frequently asked questions
Enstar Group Limited is a global insurance entity known for acquiring and managing insurance and reinsurance companies, along with portfolios of insurance and reinsurance business in run-off. The company operates across various segments of the insurance industry, focusing on the run-off of property and casualty, and other non-life lines of insurance businesses. Enstar provides a range of consulting services, which include claims inspection, claims validation, reinsurance asset collection, syndicate management, and IT consulting services to the insurance and reinsurance industry. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the Nasdaq.
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