Enstar
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The transaction with Enstar covers $234mn of net Accredited reserves.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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Enstar will provide $430mn of excess cover over ~$1.7bn of underlying reserves.
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Industry trends show the Axis book value growth goal may be hard to hit.
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Enstar recorded $280mn of other income in Q1 2023 related to Enhanzed Re.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The San Francisco-headquartered alternative asset manager has invested $183mn in the run-off firm.
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The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.
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The insurer has been working to build a reputation for favorable reserve development after past sins.
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During the period, the legacy business completed a $1.9bn LPT with QBE and a $245mn LPT with RACQ Insurance.