Profile: Enstar Group Ltd (ESGR.O)
7 Mar 2014
Enstar Group Limited (Enstar), incorporated on August 16, 2001, acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry. Enstar derives its net earnings from the ownership and management of these companies and portfolios of business in run-off primarily by settling insurance and reinsurance claims below the acquired value of loss reserves and from returns on the portfolio of investments retained to pay future claims. In addition, the Company provides management and consultancy services, claims inspection services and reinsurance collection services to its affiliates and third-party clients for both fixed and success-based fees. On September 20, 2011, Enstar, through its wholly owned subsidiary, Gordian Run-off Limited (Gordian), acquired an inwards reinsurance portfolio from Insurance Australia Group Limited. In February 2013, its subsidiaries completed a merger with SeaBright, following which SeaBright became a wholly owned subsidiary of the Company. On March 31, 2013, the Company’s subsidiary completed the acquisition from Household Insurance Group Holding Company of HSBC Insurance Company of Delaware and Household Life Insurance Company of Delaware, as well as its three subsidiary insurers. In September 2013, the Company announced that it, together with affiliates of Stone Point Capital LLC, has completed the acquisition of Arden Reinsurance Company Ltd. from Arden Holdings Ltd. In November 2013, the Company and Stone Point Capital acquired Atrium Underwriting Group Ltd from Arden Holdings Ltd.
On July 12, 2011, Enstar, through its wholly owned subsidiary, Clarendon Holdings, Inc., completed the acquisition of 100% interest of Clarendon National Insurance Company (Clarendon), from Clarendon Insurance Group, Inc., an affiliate of Hannover Re (Hannover). Clarendon is an insurer that is in run-off. Clarendon owns three other insurers, two domiciled in New Jersey and one domiciled in Florida, that are also in run-off. On March 25, 2011, Enstar, through its wholly owned subsidiary, Kenmare Holdings Ltd (Kenmare), completed the acquisition of Laguna Life Limited (Laguna), from Citigroup Insurance Holding Corporation an affiliate of Citigroup Inc. Laguna is an Ireland-based life insurer that is in run-off. On October 1, 2011, Enstar, through its wholly owned subsidiary, Brampton Insurance Company Limited (Brampton), completed the portfolio transfer of certain run-off agency business from International Insurance Company of Hannover (IICH).
Enstar specializes in the collection of reinsurance receivables through its subsidiary Kinsale Brokers Limited. Through, the Company's subsidiaries, Enstar (US) Inc. and Cranmore Adjusters Limited, the Company also specializes in providing claims inspection services whereby it is engaged by third-party insurance and reinsurance providers to review certain of their existing insurance and reinsurance exposures, relationships, policies and/or claims history. Its investment portfolio consists primarily of investment grade-rated, liquid and fixed maturity securities of short-to-medium term duration. As of December 31, 2011, 90.8% of its total investment portfolio consisted of investment grade securities. Its investments primarily consist of fixed maturity securities. Its fixed maturity investments are consists of available-for-sale and trading investments.
Enstar Group Ltd
3rd Floor, 22 Queen Street, 226
P.O. Box HM
HAMILTON HM JX