The following is a summary of the Enstar Group Limited (ESGR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Enstar reported a Q1 2024 return on equity of 2.4% and growth in book value per share of 1.7%.
Net income attributable to Enstar ordinary shareholders was $119 million, delivering an adjusted ROE of 2.6%.
The Company further grew its book value by 1.7% to $349.41, and diluted book value per share saw a growth of 1.4% to $341.53.
From diverse transaction considerations and an existing fixed income portfolio, overall investment returns amounted to $222 million.
The company reported Run-off Liability Earnings (RLE) of $24 million, courtesy of favorable claims experience across various classes of business.
Business Progress:
Enstar has announced plans to reinsure $400 million of workers' compensation business for underwriting years 2018 to 2023 through a loss portfolio transfer deal with SiriusPoint.
The firm's primary reinsurer, Cavello Bay, received an 'A' Insurer Financial Strength Rating from S&P, placing faith in their business model and claims management capabilities.
Enstar remains enthusiastic about their pipeline of M&A prospects, underlining a disciplined approach to ensure attractive risk-adjusted returns.
The company has a robust capital and liquidity position, with a fully unutilized $800 million revolving credit agreement and an estimated group capital solvency ratio of 195% at the end of Q1.
More details: Enstar IR
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