Profile: Enstar Group Ltd (ESGR.O)
17 Apr 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 and Stone Point Capital LLC acquired Torus Insurance Holdings Ltd. The Company operates in four segments: Non-life run-off, Atrium, Torus, and Life and annuities.
The Company’s Non-life run-off segment includes the operations and financial results of its subsidiaries that are running off the property and casualty, and other non-life lines of business together with the run-off businesses of Arden and Torus. It also includes the Company’s smaller management business, in which it manages the run-off portfolios of third parties through the Company’s service companies.
Atrium is an underwriting business at Lloyd’s of London, which manages Syndicate 609 and provides approximately 25% of the syndicate’s underwriting capacity and capital (with the balance provided by traditional Lloyd’s Names). Atrium specializes in accident and health, aviation, marine, property, non-marine property, professional liability, property and casualty binding authorities, reinsurance, upstream energy, war and terrorism insurance, cargo and fine art. Arden is a Bermuda-based reinsurance company that provides reinsurance to Atrium (through an approximately 65% quota share reinsurance arrangement with Atrium 5 Ltd, an Atrium subsidiary) and is in the process of running off certain other third-party business.
Torus is a global specialty insurer that offers a diverse range of property, casualty and specialty insurance through its operations in the United Kingdom, Continental Europe, the United States and Bermuda. The activities of this segment include the active underwriting business of Torus.
Life and annuities
The Company’s life and annuities segment consists of the operations and financial results of its subsidiaries. These subsidiaries are operating its closed-block of life and annuity business.
Enstar Group Ltd
3RD FL., 22 QUEEN STREET, 2267
P.O. Box HM
HAMILTON HM JX