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Mar 31, 2023
Enstar Q1 2023 Earnings Report
Reported strong net earnings driven by positive investment performance and strategic M&A completions.
Key Takeaways
Enstar Group Limited reported a solid start to 2023 with strong net earnings of $424 million, primarily driven by positive investment performance. The company completed the novation of Enhanzed Re reinsurance policies, recording a $194 million gain, and entered into a $1.9 billion Loss Portfolio Transfer agreement with QBE, which was completed subsequent to the quarter end. Additionally, Enstar repurchased $341 million of non-voting convertible ordinary shares, simplifying its capital structure.
Net earnings of $424 million and a return on equity of 9.5%, driven by strong investment results.
Book Value per Ordinary Share grew 7.8% to $282.74 as of March 31, 2023.
Returned $341 million to shareholders through share repurchases.
Completed novation of Enhanzed Re reinsurance policies, recording a $194 million gain.
Revenue by Segment
Forward Guidance
Enstar is well-equipped to capitalize on opportunities in the growing market, supported by its scale, expertise, claims management, and strong balance sheet, positioning the company to deliver long-term value to shareholders.
Positive Outlook
- Strong net earnings driven by positive investment performance.
- Completed a $1.9 billion ground-up LPT with QBE.
- Entered into a USD $245 million transaction with RACQ.
- Simplified capital structure through the repurchase of non-voting convertible ordinary shares.
- Well-positioned to provide long-term value to shareholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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