Profile: Enstar Group Ltd (ESGR.O)
27 Sep 2016
Enstar Group Limited (Enstar), incorporated on August 16, 2001, is a holding company. The Company focuses on acquiring and managing insurance and reinsurance companies in run-off, and the acquisition and management of portfolios of insurance and reinsurance business in run-off. The Company is an insurance group that offers capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. Enstar operates its business through four segments: Non-Life Run-Off, Atrium, StarStone, and Life and Annuities.
The Company's Non-life Run-off segment comprises the operations of its subsidiaries that are running off their property and casualty and other non-life lines of business, including the run-off businesses of StarStone and Arden Reinsurance Company Ltd. (Arden). It also includes its smaller management business, in which the Company manages the run-off portfolios of third parties through its service companies.
The Company's Atrium segment consists of the active underwriting operations and financial results of Northshore Holdings Limited, a holding company that owns Atrium and its subsidiaries and Arden. Atrium is a managing general agent at Lloyd's of London (Lloyd's), which manages Syndicate 609. Through a corporate capital vehicle, Atrium 5 Ltd., the Company provides approximately 25% of the syndicate's underwriting capacity and capital (with the balance provided by traditional Lloyd's Names). Atrium underwrites specialist marine, energy, aerospace, non-marine and liability classes. Atrium has offices in London, the United States, Canada and Singapore. Arden is a Bermuda-based reinsurance company that provides reinsurance to Atrium and is in the process of running off certain other discontinued businesses. Atrium specializes in a range of industry classes, including accident and health, aviation, marine, property and casualty binding authorities, non-marine direct and facultative, liability, reinsurance, upstream energy, and war and terrorism. Atrium's lines of business includes marine, property and casualty binding authorities, upstream energy, reinsurance, accident and health, non-marine direct and facultative, liability, aviation, and war and terrorism.
The Marine line of business is a portfolio writing marine hull, cargo, fine art and specie, marine and energy liability and total loss business. This includes hull all risks, hull total loss interests, yachts, fishing vessels, ship construction, ports, cable construction and cable operating risks, tows, mortgages interests, port property, war risks and a range of other specialist areas of marine insurance. Cargo, fine art and specie includes exporters, museums, auction houses, jewelers, banks and security houses. The property and casualty binding authority portfolio includes a range of small and medium business entity insurance products offered across the United States and Canada. Typical property risks include commercial, vacant and hard-to-place residential dwellings. Typical casualty risks include owners, landlords and tenants, business owners, artisan, special events and various niche products. Business is written through both traditional binding authorities, as well as online binding authorities through AUGold, Atrium's online system that is used by brokers.
The upstream energy line of business is split into over two categories of assureds: operators (private and publicly quoted companies, national oil companies and Oil Insurance Limited members) and contractors (for drilling, service and construction entities). The principal coverage is physical damage/business interruption, control of well and associated pollution, construction and Gulf of Mexico windstorm and other natural catastrophe perils. The reinsurance line is a portfolio and includes aviation reinsurance, casualty reinsurance, property reinsurance and marine reinsurance. Business is mainly written on a risk excess of loss, catastrophe excess of loss or retrocessional basis. Aviation reinsurance is written through an underwriting consortium managed by Atrium. The accident and health line is a global account that encompasses a range of classes, including group and individual disability, personal accident, travel insurance, medical expenses, aviation personal accident, war risks, kidnap and ransom insurance, and sports accident insurance. The line includes both insurance and reinsurance business, written as facultative placements and under delegated underwriting facilities and both proportional and non-proportional treaties. The non-marine direct and facultative portfolio includes a mix of property business offered in both the international and the United States' markets, comprising physical loss or damage, business interruption, extra expense, construction, contingency and pecuniary loss risks in respect of onshore property and onshore engineered risks. The majority of this line of business is written through Lloyd's brokers and under delegated underwriting facilities.
The liability line of business includes a professional liability North American portfolio of products covering a range of classes, including architects, consultants and lawyers. The aviation portfolio includes various aspects of aviation insurance, with Atrium specializing in rotor wing and non-major airlines. The war and terrorism line includes aviation war, marine war and terrorism. This line also includes political violence business, in which Atrium focuses on writing with security consultants engaged to provide risk or country surveys.
The Company's StarStone segment consists the active underwriting operations and financial results of StarStone Holdings, a holding company that owns StarStone and its subsidiaries. StarStone offers a range of property, casualty and specialty insurance products to both large multi-national and small and middle-market clients across the world. StarStone's business lines include casualty, marine, property, aerospace and workers' compensation.
Casualty is StarStone's product group, including StarStone's global management and professional liability, global healthcare, and accident and health products. The United States excess casualty product includes umbrella, excess and retained limit products across a range of market segments focused on small to mid-market businesses. The global management and professional liability product specializes in directors and officers and professional liability protection for both traditional and emerging professions. The Company's healthcare product provides insurance for acute care centers, nursing homes, small hospitals, physician groups, senior living facilities and others. The accident and health product provides protection for a range of groups and individuals, such as air crew personal accident and loss of license, accidental death and permanent and temporary disability for individuals, including athletes and high net worth individuals.
The Company provides a range of marine and specialty products, including hull and machinery, marine and energy liabilities, cargo, war, transport, specie and fine art, and terrorism. These products are written through Lloyd's Syndicate 1301, its European branch network and by some of the Company's United States-based teams. The Company also provides casualty coverage placed in the London wholesale market, which is focused on high excess layers for Fortune 500 companies. Its property business line includes its property insurance products. The construction portfolio focuses on large, complex, infrastructure and contractor cover across various risk areas. Property also includes its onshore, power, and upstream and offshore products written through Lloyd's and London platforms. It serves a client base within the aerospace sector, including airlines, aircraft manufacturers and airport service providers. The Company's products are split between short-tail and long-tail risks and by aircraft type into areas, including airlines, aviation products and liability, and general aviation. Its workers' compensation line provides workers' compensation solutions for a range of industries, including energy and maritime businesses to high-hazard operations. It also covers cross-state, multi-jurisdictional exposures in single policies. Business is written directly with clients and through partnerships with independent agents, managing general underwriters and select wholesale brokers throughout the United States.
Life and Annuities
The Life and Annuities Segment consists of the operations of the Company's subsidiaries managing its closed-block of life and annuity business. The segment also includes Laguna Life Limited, an Irish-based closed-life company.
Enstar Group Ltd
Windsor Place, 22 Queen Street
HAMILTON HM 11