Latest news with #Enstar
Business Wire
a day ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Cavello Bay Reinsurance Limited
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a+' (Excellent) of Cavello Bay Reinsurance Limited (Cavello Bay) (Bermuda), a subsidiary of Enstar Group Limited (Enstar) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Cavello Bay's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The affirmation reflects a continuation of Enstar's robust capitalization through its acquisition by Sixth Street Partners, LLC (Sixth Street). In recent years, Enstar has established itself as a market leader in the non-life runoff space and continues to introduce new products to service short-tailed and insurance-linked securities solutions as well. AM Best anticipates that the business model will remain generally consistent under the ownership of Sixth Street. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Yahoo
03-07-2025
- Business
- Yahoo
Sixth Street completes acquisition of Enstar Group
Investment company Sixth Street has completed the acquisition of re/insurance company Enstar Group for $338 per ordinary share, representing a total equity value of $5.1bn. This acquisition was first announced in July 2024. The deal saw participation from Liberty Strategic Capital, J.C. Flowers & Co., and other institutional investors. Enstar shareholders approved the acquisition on 6 November 2024. Enstar CEO Dominic Silvester remarked, 'This is a major moment for Enstar as we begin our next chapter as a private company. 'Together with Sixth Street, we will build on our position as a leading global (re)insurance group, delivering innovative solutions to our partners and maintaining our competitive advantage. 'I'd like to thank our employees, past and present, whose contributions have been instrumental to achieving this milestone.' Sixth Street co-founder and partner Michael Muscolino stated, 'Enstar is a compelling company with a robust business model and an exceptional management team. 'We are thrilled to reach this milestone and look forward to partnering with Dominic and the rest of the Enstar team to help them execute on their existing strategy.' Following the acquisition, Enstar notified NASDAQ of its intention to voluntarily delist its depositary shares and deregister them under Section 12(b) of the Securities Exchange Act of 1934. Enstar plans to file a Form 25 Notification of Delisting with the SEC around 14 July 2025. The company does not intend to list or register the depositary shares on another national securities exchange. Enstar will continue as a privately held, standalone company, operating under its existing name. Goldman Sachs acted as financial advisor to Enstar, with Paul, Weiss, Rifkind, Wharton & Garrison and Hogan Lovells US serving as legal advisors. Ardea Partners, Barclays, and J.P. Morgan Securities advised Sixth Street, with legal counsel from Simpson Thacher & Bartlett, Debevoise & Plimpton, and Cleary Gottlieb Steen & Hamilton. "Sixth Street completes acquisition of Enstar Group" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
02-07-2025
- Business
- Yahoo
Sixth Street Completes Acquisition of Enstar
Transaction supports leading global insurance group's next chapter as a private company HAMILTON, Bermuda, July 02, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited ('Enstar') (Nasdaq: ESGR) today announced the closing of its acquisition by investment vehicles managed by affiliates of Sixth Street, a leading global investment firm, for $338.00 in cash per ordinary share, representing a total equity value of $5.1 billion. Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors also participated in the transaction. 'This is a major moment for Enstar as we begin our next chapter as a private company,' said Enstar's Chief Executive Officer Dominic Silvester. 'Together with Sixth Street, we will build on our position as a leading global (re)insurance group, delivering innovative solutions to our partners and maintaining our competitive advantage. I'd like to thank our employees, past and present, whose contributions have been instrumental to achieving this milestone.' 'Enstar is a compelling company with a robust business model and an exceptional management team,' said Michael Muscolino, Co-Founder and Partner at Sixth Street. 'We are thrilled to reach this milestone and look forward to partnering with Dominic and the rest of the Enstar team to help them execute on their existing strategy.' In connection with the closing of the transaction, Enstar notified The Nasdaq Stock Market, LLC ('NASDAQ') that Enstar intends to voluntarily withdraw its depositary shares, each representing a 1/1,000th interest in a 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Share, Series D, par value $1.00 per share, and its depositary shares, each representing a 7.00% Perpetual Non-Cumulative Preferred Share, Series E, par value $1.00 per share (collectively, the 'depositary shares') from listing on NASDAQ and registration pursuant to Section 12(b) of the Securities Exchange Act of 1934. Enstar expects to file a Form 25 Notification of Delisting with the Securities and Exchange Commission (the 'SEC') on or about July 14, 2025, relating to delisting and deregistering of the depositary shares. Enstar has not arranged, and does not intend to arrange, for listing and/or registration of the depositary shares on another national securities exchange or for quotation of the depositary shares in a quotation medium. The transaction was announced on July 29, 2024, and approved by Enstar shareholders at the Company's Special General Meeting of Shareholders on November 6, 2024. With the completion of the acquisition, Enstar's ordinary shares will no longer be listed publicly, and Enstar will continue operations as a privately held, standalone company. The Company will continue to operate under the Enstar name. Advisors Goldman Sachs & Co. LLC acted as financial advisor to Enstar and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Hogan Lovells US LLP acted as legal advisors. Ardea Partners LP, Barclays PLC and J.P. Morgan Securities LLC acted as financial advisors to Sixth Street and Simpson Thacher & Bartlett LLP, Debevoise & Plimpton LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisors. Forward Looking Statements This communication contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that include words such as 'estimate,' 'project,' 'plan,' 'intend,' 'expect,' 'anticipate,' 'believe,' 'would,' 'should,' 'could,' 'seek,' 'may,' 'will' and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, including those related to the satisfaction of any post-closing regulatory requirements. Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the risk that an active trading market for the newly preferred shares that our holders of the depositary shares representing Enstar Preferred Shares received in the transaction does not exist and may not develop; (ii) those risks and uncertainties set forth under the headings 'Forward Looking Statements' and 'Risk Factors' in Enstar's Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by Enstar with the SEC from time to time, which are available via the SEC's website at and (iii) those risks described in the definitive proxy statement on Schedule 14A (the 'Proxy Statement') filed with the SEC on October 11, 2024 and available from the sources indicated below. These risks, as well as other risks associated with the transaction, are more fully discussed in the Proxy Statement filed with the SEC on October 11, 2024, in connection with the transaction. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, or to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect Enstar. About Enstar Enstar is a global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see About Sixth Street Sixth Street is a global investment firm with over $115 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and 'One Team' culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 650 team members including over 280 investment professionals around the world. For more information, visit and follow Sixth Street on LinkedIn. Contact: For Enstar: For Investors: Matthew Kirk ( Media: Jenna Kerr (communications@ For Sixth Street:media@ in to access your portfolio
Yahoo
02-07-2025
- Business
- Yahoo
Sixth Street Completes Acquisition of Enstar
Transaction supports leading global insurance group's next chapter as a private company HAMILTON, Bermuda, July 02, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited ('Enstar') (Nasdaq: ESGR) today announced the closing of its acquisition by investment vehicles managed by affiliates of Sixth Street, a leading global investment firm, for $338.00 in cash per ordinary share, representing a total equity value of $5.1 billion. Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors also participated in the transaction. 'This is a major moment for Enstar as we begin our next chapter as a private company,' said Enstar's Chief Executive Officer Dominic Silvester. 'Together with Sixth Street, we will build on our position as a leading global (re)insurance group, delivering innovative solutions to our partners and maintaining our competitive advantage. I'd like to thank our employees, past and present, whose contributions have been instrumental to achieving this milestone.' 'Enstar is a compelling company with a robust business model and an exceptional management team,' said Michael Muscolino, Co-Founder and Partner at Sixth Street. 'We are thrilled to reach this milestone and look forward to partnering with Dominic and the rest of the Enstar team to help them execute on their existing strategy.' In connection with the closing of the transaction, Enstar notified The Nasdaq Stock Market, LLC ('NASDAQ') that Enstar intends to voluntarily withdraw its depositary shares, each representing a 1/1,000th interest in a 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Share, Series D, par value $1.00 per share, and its depositary shares, each representing a 7.00% Perpetual Non-Cumulative Preferred Share, Series E, par value $1.00 per share (collectively, the 'depositary shares') from listing on NASDAQ and registration pursuant to Section 12(b) of the Securities Exchange Act of 1934. Enstar expects to file a Form 25 Notification of Delisting with the Securities and Exchange Commission (the 'SEC') on or about July 14, 2025, relating to delisting and deregistering of the depositary shares. Enstar has not arranged, and does not intend to arrange, for listing and/or registration of the depositary shares on another national securities exchange or for quotation of the depositary shares in a quotation medium. The transaction was announced on July 29, 2024, and approved by Enstar shareholders at the Company's Special General Meeting of Shareholders on November 6, 2024. With the completion of the acquisition, Enstar's ordinary shares will no longer be listed publicly, and Enstar will continue operations as a privately held, standalone company. The Company will continue to operate under the Enstar name. Advisors Goldman Sachs & Co. LLC acted as financial advisor to Enstar and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Hogan Lovells US LLP acted as legal advisors. Ardea Partners LP, Barclays PLC and J.P. Morgan Securities LLC acted as financial advisors to Sixth Street and Simpson Thacher & Bartlett LLP, Debevoise & Plimpton LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisors. Forward Looking Statements This communication contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that include words such as 'estimate,' 'project,' 'plan,' 'intend,' 'expect,' 'anticipate,' 'believe,' 'would,' 'should,' 'could,' 'seek,' 'may,' 'will' and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, including those related to the satisfaction of any post-closing regulatory requirements. Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the risk that an active trading market for the newly preferred shares that our holders of the depositary shares representing Enstar Preferred Shares received in the transaction does not exist and may not develop; (ii) those risks and uncertainties set forth under the headings 'Forward Looking Statements' and 'Risk Factors' in Enstar's Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by Enstar with the SEC from time to time, which are available via the SEC's website at and (iii) those risks described in the definitive proxy statement on Schedule 14A (the 'Proxy Statement') filed with the SEC on October 11, 2024 and available from the sources indicated below. These risks, as well as other risks associated with the transaction, are more fully discussed in the Proxy Statement filed with the SEC on October 11, 2024, in connection with the transaction. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, or to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect Enstar. About Enstar Enstar is a global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see About Sixth Street Sixth Street is a global investment firm with over $115 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and 'One Team' culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 650 team members including over 280 investment professionals around the world. For more information, visit and follow Sixth Street on LinkedIn. Contact: For Enstar: For Investors: Matthew Kirk ( Media: Jenna Kerr (communications@ For Sixth Street:media@
Yahoo
05-05-2025
- Business
- Yahoo
Enstar Group Limited Announces Quarterly Preference Share Dividends
HAMILTON, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited ('Enstar') (Nasdaq: ESGR) today announced that it will pay cash dividends on its Series D and Series E preference shares. Dividends on Enstar's Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series D Preference Share) will be payable on June 2, 2025 to shareholders of record on May 15, 2025. Dividends on Enstar's Series E 7.00% Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series E Preference Share) will be payable on June 2, 2025 to shareholders of record on May 15, 2025. About Enstar Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Australia, Lichtenstein and Belgium. A market leader in completing legacy acquisitions, Enstar has acquired over 120 companies and portfolios since its formation in 2001. For further information about Enstar, see Cautionary Statement This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading "Risk Factors" in our Form 10-K for the year ended December 31, 2024 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law. Contact: Enstar CommunicationsTelephone: +1 (441) 292-3645
