Enstar
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026. -
The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The take-private deal was announced in July 2024.
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The reduction was due to impacts from investments and less favourable PYD.
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Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.
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Syndicate 609 will cede net loss reserves of approximately $196mn.
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The three lines add up to 80% of the deal.
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The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
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The take-private is expected to close by mid-2025.
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The ratings agency said Sixth Street provides flexibility through long-dated capital.
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The company also announced a $5.1bn take-private deal with Sixth Street.
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The deal values the business just under its closing price on Friday, at 0.97x book value.
