Profile: Enstar Group Ltd (ESGR.O)
23 Jan 2015
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. In April 2014, Enstar Group Ltd and Stone Point Capital LLC acquired Torus Insurance 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 FL., 22 QUEEN STREET, 2267
P.O. Box HM
HAMILTON HM JX