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美国证券交易所(SEC)

华盛顿特区20549

表格10-Q

季度报告 根据1934年证券交易所法案第13或15(d)条规定

截至季度结束日期的财务报告2024年9月30日

委员会文件号 001-33289

恩斯塔集团有限公司

（根据其章程规定的准确名称）

百慕大			N/A
（设立或组织的其他管辖区域）			（纳税人识别号码）

A.S. Cooper大厦, 4楼, Reid街26号, 汉密尔顿 HM 11, 百慕大

（总部地址，包括邮政编码）

注册人的电话号码，包括区号： (441) 292-3645

每个交易所的名称

每种类别的证券			交易标志			名称为每个注册的交易所:
普通股，每股面值1.00美元			ESGR			纳斯达克证券交易所			LLC
存托股份，每股代表7.00%的1/1,000权益			ESGRP			纳斯达克股票交易市场			有限责任公司
固定利率转浮动利率永续不积累优先股份，D系列，每份币值1.00美元
存托凭证，每份代表7.00%权益中的1/1,000			ESGRO			纳斯达克股票交易市场			有限责任公司
无限期非累积优先股，E系列，每股面值1.00美元

请勾选以下内容。申报人是否（1）在过去12个月内（或申报人需要报告这些报告的时间较短的期间内）已提交证券交易法规定的第13或15（d）条要求提交的所有报告；以及（2）过去90天内已被要求提交此类报告。    是☒不☐

检查标记注明注册人是否在过去12个月内（或对于注册人需要提交此类文件的较短期限内）按照《规则S-T》405条所规定的每个互动数据文件都提交了。是 ☒ 不可☐

请通过复选标记指示注册人是否为大幅加速的申报人、加速的申报人、非加速的申报人、较小的报告公司或新兴成长型公司。请参阅《交易所法》第120亿.2条中关于“大幅加速的申报人”、“加速的申报人”、“较小的报告公司”和“新兴成长型公司”的定义。

大型加速报告人

☒

加速文件申报人

☐

非加速文件提交人

☐

更小的报告公司

☐

新兴成长公司

☐

如果是新兴成长型公司，在选中复选标记的同时，如果公司已选择不使用根据证券交易法第13(a)条提供的任何新的或修订后的财务会计准则的延长过渡期来符合新的或修订后的财务会计准则，则表明该公司已选择不使用根据证券交易法第13(a)条提供的任何新的或修订后的财务会计准则的延长过渡期来符合新的或修订后的财务会计准则。☐

请勾选下列选项，以表示注册人是否是壳公司(如证券交易法规则12b-2所定义)。 是 ☐ 否 ☐☒

截至2024年11月8日，登记公司仍有未偿还的普通股 15,232,010 每股面值为1.00美元的普通股股东拥有表决权

1

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目录

恩斯塔集团有限公司

第10-Q表的季度报告

报告期截至2024年9月30日

目录

 

						页面
			Glossary of Key Terms			3
第I部分
项目 1。			基本报表			9
项目 2。			Management's Discussion and Analysis of Financial Condition and Results of Operations			61
第 3 项。			市场风险的定量和定性披露			107
条款 4。			控制和程序			107
第二部分
项目 1。			法律诉讼			108
项目1A。			风险因素			108
项目 2。			未注册的股票股权销售和筹款用途			111
第 3 项。			对优先证券的违约			111
第 4 项。			矿山安全披露			111
项目5。			其他信息			111
项目6。			展示资料			113

2

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目录

关键术语词汇表

急诊室						石棉和环保母基
收购成本						这些成本直接与成功获取新的保险合同或更新现有保险合同的努力有关，主要包括增量成本，如：佣金，券商费用，保险费税和其他费用，在签发合同或保单时发生。
ADC						不良发展赔付保障 - 一种追溯性再保险安排，将保险损失超过既定准备金并提供保护，直至合同约定金额。
调整rle						调整止赔责任收益 - 通过将调整的先前期发展除以平均调整后的净损失准备金来计算的非通用会计原则财务指标。有关协调信息，请参见“非通用会计原则财务指标”。
调整后的ROE						根据将恩斯塔普通股东的调整后营业利润（损失）除以调整后的开放式恩斯塔普通股东权益计算的非GAAP财务指标。请参阅“非GAAP财务指标”进行调解。
调整后TIR						根据调整后的总投资回报除以平均调整后的总可投资资产计算的非GAAP财务指标。请参阅“非GAAP财务指标”进行调解。
可供出售金融资产						可供出售
ALAE						经分配的损失调整费用
安联						安联股份有限公司
AmTrust						安信金融服务公司，Inc。
年化的						将季度结果或年初至今结果乘以四，然后除以适用年初至今期间已过的季度数进行计算。
未实现其他综合收益						累计其他综合收益
APIC						其他资本公积
ASC						会计准则编码
会计准则更新						会计准则更新
Arden						Arden 再保险有限公司
中庭						阿特利姆承保集团有限公司
bps						基点（点）
Banco Macro						百慕大金融管理局
保险资本风险标准						百慕大偿付能力要求
每股净资产						每股普通股账面价值 - 由恩斯塔普通股股东权益除以普通股份的数量计算得出的GAAP财务指标。
Cavello						Cavello Bay再保险有限公司，一家全资子公司
CODM（首席运营决策人）						首席运营决策者
Citco						Citco III有限公司
首席法律官						抵押贷款义务
核心特色						核心特色保险控股有限公司
DCo						DCo有限责任公司
被告A&E责任						被告石棉和环保责任 - 与物业相关的赔偿和辩护费用以及未决和未来索赔的数额，以及与环境责任相关的数额
DCA						递延费用资产 - 最初的追溯再保险协议成立时，预估的最终赔付损失超过获得的对价，随后在预估赔偿期内摊销的金额。
DGL						递延获利负债 - 在追溯再保险协议成立时，获得的对价超过预估的最终赔付损失，并随后在预估的赔偿期内摊销的金额。
Eb Trust						恩斯塔集团有限员工福利信托

3

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目录

关键术语词汇表

增强版 Re						增强再保险有限公司
Enstar						英星集团有限公司及其合并子公司
英星金融						Enstar金融有限责任公司
秋天						劳埃德基金——以现金、证券、信用证或其他经批准的资本工具形式存款，满足支持劳埃德集团承保能力的资本要求。
FDBVPS						全面摊薄后的每股普通股账面价值——非公认会计准则财务指标，计算方法是将Enstar普通股股东权益除以已发行普通股数量，并根据已授予和尚未归属的股权奖励进行调整（类似于摊薄后每股收益的计算）。有关对账，请参阅第7项中的 “非公认会计准则财务指标”。
持有的资金						根据再保险协议，用应付给再保险公司的保费开立的账户，账户余额记入投资收益，并扣除已支付的损失。
再保险公司持有的资金						持有的资金，如上所述，我们获得固定的贷记回报率或其他合同约定的持有资产回报率。
持有的资金-直接管理						持有的资金，如上所述，我们获得持有资产的实际投资组合回报。
未来的保单持有人福利						与人寿再保险合同相关的负债，基于预期的未来现金流和死亡率的现值。
GCm 基金						GCm Blue Sails 基础设施离岸机会基金，L.P.
IAG						澳大利亚保险集团
IBNR						已发生但未报告——已发生的未申报索赔的估计赔偿责任，以及对已报告的索赔可能与既定个案储备金不同的金额以及已结索赔重新审理的可能性的估计。
ILS						保险挂钩证券
可投资资产						总投资、现金和现金等价物、限制性现金和现金等价物以及持有的资金的总和
JSOP						联合持股计划
晚期						损失调整费用
劳埃德						该术语可以指由个人和公司承保成员组成的协会，他们作为一个或多个辛迪加的成员汇集和分散风险，也可以指劳埃德公司，后者监管劳埃德市场并为其提供支持服务
LOC						信用证
哈哈哈哈的						损失投资组合转移-追溯性再保险交易，将已经产生的损失义务割让给再保险公司，但须遵守任何规定的限额
合并						一系列合并使公司作为Elk Bidco Limited的全资子公司在合并中幸存下来。Elk Bidco Limited是一家根据百慕大法律成立的豁免股份有限公司
合并协议						Enstar Group Limited与Elk Bidco Limited签订了合并协议和计划，后者由Sixth Street Partners, LLC的关联公司管理或咨询的投资工具的股权承诺提供支持。
纪念碑 Midco						Monument Midco Limited，Monument Re 的全资子公司
纪念碑 Re						丰碑保险集团有限公司
摩尔斯科技						摩尔斯科技有限责任公司
导航						资产净值
NCI						非控股权益
新业务						重大交易，通常采取再保险或直接业务转让或企业收购的形式。
NIFO						对外业务的净投资
北岸						北岸控股有限公司
OLR						未清损失准备金-已申报和应计但截至资产负债表日尚未支付的索赔准备金。
家长						Elk Bidco 有限公司

4

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目录

重要术语词汇表

每股盈利						百分点
PPD						先前期间发展-与前期年度建立的损失准备相关的当前年度损失估计变更
股权投资基金						有限合伙和有限责任公司的投资
QBE						QBE Insurance Group Limited
RACQ						RACQ 保险有限公司
Reinsurance to close (RITC)						一项业务交易，将与劳氏联合会某个年度账户的估计未来责任转移为同一或不同劳氏联合会的后续年度账户，以换取保费。
用于损失和赔款准备金						管理层对截至资产负债表日期的结算损失成本的最佳估计。这包括截留责任损失和已发生但未报告的损失。
追溯再保险						为过往损失事件提供关于损失和赔款准备的补偿合同。
RLE						Run-off liability earnings – GAAP-based financial measure calculated by dividing prior period development by average net loss reserves.
RNCI						可赎回的非控股权益
roe。						Return on equity - GAAP-based financial measure calculated by dividing net income (loss) attributable to Enstar ordinary shareholders by opening Enstar ordinary shareholders’ equity
清盘						A line of business that has been classified as discontinued by the insurer that initially underwrote the given risk
清盘投资组合						一组保险政策被归类为清盘。
美国证券交易委员会						美国证券交易委员会
SGL 第一号						SGL 第一号 有限公司
Sixth Street。						第六街合伙人, LLC
SSHL						StarStone Specialty Holdings Limited
StarStone International						StarStone的非美国业务
StarStone美国						StarStone美国控股有限公司及其附属公司
Stone Point						Stone Point Capital LLC
TIR						总投资回报- 根据将适用期间内的总投资回报（包括其他综合收益）除以平均总可投资资产计算的GAAP财务指标
Trident V Funds						Trident V, L.P.，Trident V Parallel Fund, L.P.和Trident V Professionals Fund, L.P.
美国通用会计原则						美国公认会计原则
ULAE						未分配的损失调整费用-与运行成本相关的损失调整费用，用于预估运行的支出，如内部索赔管理或相关营运支持成本。
未赚取的保费						保单保费的未到期部分将在保险合同剩余期限内收取。
VIE						变量利益实体

5

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目录

关于前瞻性陈述的谨慎声明

本季度报告和此处引用的文件包含构成《证券交易法》第21E条的“前瞻性话语”，就我们的财务状况、营运成果、业务策略、运营效率、竞争优势、增长机会、管理层计划和目标，以及我们证券市场、保险和再保险行业的市场而言。

包括「估计」、「预计」、「计划」、「打算」、「期望」、「预期」、「相信」、「会」、「应该」、「可能」、「寻求」、「可以」和类似的未来或前瞻性质的陈述均识别为根据联邦证券法或其他用途的前瞻性陈述。

所有板块前瞻性陈述必然是估算或预期，而不是历史事实的陈述，反映了我们管理层的最佳判断，并涉及多种风险和不确定性，这可能导致实际结果与前瞻性陈述所暗示的结果有重大差异。

因此，这些前瞻性声明应考虑各种重要因素，包括本报告及我们截至2023年12月31日的10-K年报中列出的一些因素，这些因素可能会导致实际结果与前瞻性声明所暗示的结果存在重大差异。这些风险因素包括：

•依本文件所定义的合并的完成，按照预期的条款和时间进行；

•满足其他条件以完成合并，包括获得所需的监管批准；

•合并过程中我们的股价可能波动的风险，以及如果合并未能完成，股价可能会下跌；

•与合并相关的潜在诉讼可能对我们或我们的董事、经理或高管提出，包含任何相关结果的影响；

•Merger可能带来的中断风险（包括某些客户有权在变更控制权时终止或修改合同）可能损害我们的业务，包括当前计划和运营，包括合并进行时；

•我们保留和招聘关键人员的能力；

•管理层的时间和注意力从日常业务运营转移到合并和整合事宜的完成；

•潜在的不利反应或因合并公告或完成而引起的业务关系变化;

•立法、监管和经济发展；

•潜在的业务不确定性，包括在合并进行期间可能影响我们财务表现的现有业务关系变化；

•在拟议合并的执行期间，某些限制可能影响我们追求某些业务机会或战略交易的能力;

•不可预测性和灾难事件的严重性，包括但不限于恐怖主义行为、战争或敌对行动爆发或全球疫情，以及管理层对上述任何因素的应对；

•并购可能比预期更昂贵完成，包括因意外因素或事件导致。

•与合并相关的意外费用、负债或延误；

•竞争对手对合并的回应；

•任何事件、变更或其他情况的发生，可能导致合并终止，包括在要求我们支付终止费用的情况下。

•存在著我们的优先股持有者在合并中将收到的存托股票所代表的新发行优先股没有活跃交易市场的风险，并且可能无法发展出来；

6

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目录

关于前瞻性陈述的谨慎声明

•我们损失准备金的充足性以及随著时间推移调整这些储备的必要性，包括新兴索赔和保障问题以及可能影响损失储备充足性的争端。

•与我们的收购相关的风险，包括我们评估机会的能力、成功定价收购、应对运营挑战、支持我们的计划增长，以及将收购的投资组合和公司整合进我们的内部控制系统中，以维持有效的内部控制、提供可靠的财务报告和防止诈骗；

•气候变化风险及其对我们运行业务和投资回报的潜在影响。

•对适用于我们或我们子公司的税法或法规的变化，包括百慕达企业所得税，或我们或我们的非美国子公司可能遭受重大或显著增加的美国或其他地方所得税风险；

•美国人士持有我们普通股的风险，可能因相关人员的保险收入而面临不利的美国税收后果；

•与我们获得监管批准的能力相关的风险，包括任何此类批准的时间、条件和条款，以及满足与我们的收购协议相关的其他成交条件，这可能会影响我们完成收购的能力；

•关于法定资本要求变动性的风险，以及我们未来可能需要额外资本的风险，该资本可能无法取得，或仅能以不利条件取得；

•我们的再保险子公司可能无法根据再保险合同向让渡公司提供所需的担保，包括通过使用信用证。

•关于我们转分保的风险，涉及其可获取性和可收回性；

•我们子公司分发所有基金类型给我们的能力，以及对我们流动性的影响；

•由于外币兑换率波动而造成的损失；

•我们投资组合价值和投资收入的风险可能因市场波动和经济状况（包括与利率期货、信用利差和股权价格相关的风险）而大幅下降，这导致我们可能因投资组合价值下跌而实现亏损（如果我们选择或被要求出售有未实现亏损的投资）。

•风险涉及我们如何构建投资以满足我们的流动性需求。

•与我们在替代资产类别和合资企业中的战略投资相关的风险，这些投资流动性差且可能波动性大；

•与我们准确评估投资能力相关的风险，这需要的方法、估算和假设可能高度主观，而其不准确性可能对我们的财务控制项产生不利影响；

•与我们的流动性需求和投资组合结构相关的风险可能会对我们的投资组合表现和财务业绩产生不利影响；

•与我们所操作的复杂监管环境相关的风险，包括持续或未来的行业监管发展可能会扰乱我们的业务，影响我们的子公司正常运营或向我们分配的能力，或要求在行业实践中进行改变，从而增加我们的成本，减少我们的收入，或要求我们改变我们的业务方式的某些方面;

•与制裁及海外贪污行为相关的法律与法规风险，违反这些法规可能会对我们的财务控制项和营运结果产生不利影响；

•我们部分董事、大股东及其联属公司拥有可能产生利益冲突的利益，可借由相关交易产生。

•外包供应商可能违反对我们的义务，这可能对我们的业务和营运结果产生不利影响的风险；

7

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目录

关于前瞻性陈述的谨慎声明

•操作风险，包括网络安全事件、外部危害、人为失误或其他与我们的资讯科技系统相关的困难，可能会扰乱我们的业务或导致关键和机密资讯的损失、成本增加；以及

•我们的股份所有权所涉及的风险，源于我们的章程某些条款及我们作为百慕达公司之身份。

上述因素不应被解释为详尽无遗，并应与我们截至2023年12月31日的年度报告的风险因素一同参考，以及截至2024年9月30日的本季度报告。 我们不承担公开更新或审查任何前瞻性声明的义务，无论是反映我们对此的预期变化，或是由于新信息、未来发展或其他原因，除非法律要求。

8

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目录

第一部分-财务信息

项目 1. 基本报表

基本报表合并财务报表			页面
未经审计的截至2024年9月30日和2023年12月31日的综合账户平衡表			10
未经审核的综合环保母基利润简表，截至2024年和2023年9月30日三个月和九个月。 未经审核的综合环保母基综合收益简表，截至9月30日三个月和九个月。			11
未经审核的综合环保母基收入简表，截至9月30日三个月和九个月。 未经审核的综合环保母基收入简表，截至9月30日三个月和九个月。，2024年和2023年			12
未经审核的简明合并股东权益变动表，截至2024年和2023年九月三　　个月结束时 截至2024年和2023年九月三　　个月结束时的基本报表			14
未经审计的现金流量表摘要 截至九月三　　十日九个月结束时，2024年和2023年			15
附注：未经查核之缩表合并财务报表注释。			17
附注1 - 合并协议			17
附注2 - 报表编制基础			18
第三项 - 重要新业务和业务收购			20
第四项 - 业务部门资讯			21
第五项 - 投资			23
第六项 - 衍生品及避险工具			30
第七项 - 预付费资产			33
第八项 - 损失及损失调整开支			33
第九项 - 未来保单持有人福利			37
第十项 - 被告石棉及环保母基责任			39
第11项 - 公允价值衡量			40
第12项 - 变量兴趣实体			48
附注13 - 商誉和无形资产			49
附注14 - 非控股权益			50
附注15 股东权益			51
附注16 每股盈利			55
附注17 相关方交易			56
附注18 - 承诺与可能存在之事项			59
附注 19 - Subsequent Events			60

恩斯塔 Group Limited | 2024年第三季 | 10-Q表格                 9

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目录

恩斯塔集团有限公司

未经审计的简明综合账目表

截至2024年9月30日及2023年12月31日

						2024年9月30日									2023年12月31日
						(以百万美元计算，除共享数据外)
资产
短期投资，交易，按公允价值计量						$	4								$	2
短期投资，按公允价值计量的可供出售资产（摊销成本：2024年 — $206; 2023 — $62)						207									62
固定到期日的投资，交易，按公允价值计量						1,572									1,949
固定到期日的投资，按公允价值计量的可供出售资产（摊销成本：2024年 — $5,416; 2023 — $5,642; 扣除准备金：2023年 — $16)						5,177									5,261
持有基金						4,626									5,251
股票，按公允价值计算（成本：2024年 — $592; 2023 — $615)						787									701
其他投资，按公允价值计算（包括合并的变量利益实体：2024年 - $104; 2023 - $59)						4,145									3,853
权益法投资						303									334
总投资（附注5 和 附注11)						16,821									17,413
现金及现金等价物（包括整合的变量利益实体：2023年 — $8)						572									564
受限现金及现金等价物						464									266
应计利息应收款						63									71
可追索的再保险余额，针对已付及未付的损失 （净额的备抵：2024年 — $121; 2023 — $131)						535									740
可追索的再保险余额，按公允价值（附注11)						200									217
保险可回收余额（扣除准备金：2024 — $4; 2023 — $5) (附注10)						166									172
净递延费用资产（附注7)						662									731
其他资产						773									739
总资产						$	20,256								$	20,913
负债
损失及损失调整费用 (附注8)						$	10,164								$	11,196
损失及损失调整费用，以公允价值计算 (附注8 和 附注11)						1,108									1,163
被告的石棉及环保母基责任（附注10)						523									567
付款的保险和再保险余额						48									43
债务义务						1,833									1,831
其他负债（包括合并的变量利息实体：2024年和2023年 — $1)						481									465
负债合计						14,157									15,265
承诺事项与可能负担之事项 (附注18)
股东权益 (附注15)
普通股（面值$1 每股，已发行及流通2024年： 15,231,805; 2023: 15,196,685)						15									15
优先股：
D系列优先股（已发行及流通2024年和2023年： 16,000；清算优先权$400)						400									400
E系列优先股（已发行及流通2024年和2023年： 4,400；清算优先权$110)						110									110
库藏股，按成本计算：
C系列优先股（所有于2024年和2023年发出的股票均由国库持有： 388,571)						(422)									(422)
共同分享拥有计划（投票普通股，于2024年和2023年由trust持有： 565,630)						(1)									(1)
资本公积额额外增资						593									579
累积其他全面损失						(221)									(336)
保留盈余						5,583									5,190
总恩斯塔股东权益						6,057									5,535
非控制权益 (附注14)						42									113
股东权益总额						6,099									5,648
负债和股东权益总额						$	20,256								$	20,913

请参阅未经核数的简明合并基本报表附注。

恩斯塔 集团有限公司 | 2024年第三季 | 10-Q 表格　　　　　　　　　10

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目录

恩斯塔集团有限公司

未经查证的简化综合损益表

截至2024年及2023年9月30日的三个月及九个月

			截至九月三十日的三个月												截至九月三十日的九个月。
			2024						2023						2024						2023
			(以百万美元计算，除分享及每股数据外)
营收
已赚取净保费			$	11					$	14					$	27					$	29
净投资收益			163						143						478						471
实现净收益（损失）			17						(12)						2						(55)
交易证券、公允价值变动、所有基金类型及其他投资			229						18						400						222
其他收入（损失）			3						(2)						2						280
总营业收入			423						161						909						947
费用
净发生损失与损失调整费用
本期			6						5						15						18
往期			(9)						(15)						(95)						(35)
总净发生损失与损失调整费用			(3)						(10)						(80)						(17)
净递延资产摊销			27						34						86						75
收购成本			4						—						6						6
一般及行政费用			110						91						295						265
商誉减值			63						—						63						—
利息支出			22						22						67						67
净外汇损失（收益）			23						(23)						15						(24)
总费用			246						114						452						372
税前收益(损失)			177						47						457						575
所得税效益（费用）			—						7						(3)						12
(亏损) 来自股权法之投资收益			(16)						(3)						(29)						22
净利润			161						51						425						609
减：非控制权益所享有之净利润			(4)						(4)						(5)						(99)
归属于恩斯塔的净利润			157						47						420						510
优先股息			(9)						(9)						(27)						(27)
归属于恩斯塔普通股股东的净利润			$	148					$	38					$	393					$	483
归属于恩斯塔普通股股东的每股收益：
基本			$	10.09					$	2.46					$	26.81					$	30.26
摊薄			$	9.84					$	2.43					$	26.16					$	30.05
加权平均流通普通股数：
基本			14,666,153						15,464,824						14,657,391						15,962,910
摊薄			15,043,766						15,606,105						15,024,831						16,070,925

请参阅未经核数的简明合并基本报表附注。

恩斯塔 集团有限公司 | 2024年第三季度 | 表格10-Q                 11

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恩斯塔集团有限公司

未经审核的综合收益汇编简明合并财务报表。

截至2024年及2023年9月30日的三个月及九个月

 

			截至三个月 九月三十日，												九个月结束 九月三十日，
			2024						2023						2024						2023
			(以亿美元计算)
净利润			$	161					$	51					$	425					$	609
其他综合损益（净利润税后）：
报告期内出现的可供出售固定到期收益(损失)未实现增值			161						(94)						125						(71)
更改认列在净利润中承认的信用损失准备金之再分类调整			(14)						(1)						(15)						(5)
再分类调整净实现（收益）损失，包含在净利润中			(2)						13						13						60
期间内产生的未实现利益（损失），扣除再分类调整后的净额			145						(82)						123						(16)
再分类调整重新衡量未来保单持有人利益，包含在净利润中			—						—						—						(363)
货币翻译调整变动			(3)						—						(2)						2
公平值 - 工具特定信贷风险的损失和LAE净负债变动			(6)						—						(6)						21
所有其他综合收益（损失）之金额			136						(82)						115						(356)
综合收益（损失）			297						(31)						540						253
减：其他不属于母公司股东应占的全面收益			(4)						(4)						(5)						(11)
归属于恩斯塔的综合损益			$	293					$	(35)					$	535					$	242

请参阅未经核数的简明合并基本报表附注。

恩斯塔 集团有限公司 | 2024年第三季度 | 表格10-Q                  12

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恩斯塔集团有限公司

未经审核的简要合并股东权益变动表

截至2024年9月30日和2023年9月30日三个月结束

			股本
																					优先股												库藏股
			Voting Ordinary Shares																								D系列						E系列						C系列优先股						JSOP						额外认股权股票						其他综合损益						保留盈余						恩斯塔股东权益总额						新华保险						股东权益总额
			(以美元百万计)
截至2024年9月30日的三个月
截至2024年6月30日的余额			$	15																							$	400					$	110					$	(422)					$	(1)					$	591					$	(357)					$	5,435					$	5,771					$	109					$	5,880
归属于恩斯塔或非控股权之净利润			—																								—						—						—						—						—						—						157						157						4						161
优先股息			—																								—						—						—						—						—						—						(9)						(9)						—						(9)
股份补偿摊销			—																								—						—						—						—						8						—						—						8						—						8
其他综合收益，扣除税项后			—																								—						—						—						—						—						136						—						136						—						136
非控股权的赎回			—																								—						—						—						—						—						—						—						—						(70)						(70)
其他			—																								—						—						—						—						(6)						—						—						(6)						(1)						(7)
截至2024年9月30日的结余			$	15																							$	400					$	110					$	(422)					$	(1)					$	593					$	(221)					$	5,583					$	6,057					$	42					$	6,099
截至2023年9月30日的三个月
2023年6月30日的结余			$	16																							$	400					$	110					$	(422)					$	(1)					$	447					$	(488)					$	4,851					$	4,913					$	11					$	4,924
净利润归属于恩斯塔或持有非控股权益者（不包括可以赎回的非控股权益）			—																								—						—						—						—						—						—						47						47						—						47
优先股息			—																								—						—						—						—						—						—						(9)						(9)												(9)
股份补偿摊销			—																								—						—						—						—						8						—						—						8						—						8
其他综合损失，税后			—																								—						—						—						—						—						(82)						—						(82)						(1)						(83)
自2023年9月30日之结余			$	16																							$	400					$	110					$	(422)					$	(1)					$	455					$	(570)					$	4,889					$	4,877					$	10					$	4,887

请参阅未经核数的简明合并基本报表附注。

恩斯塔 集团有限公司 | 2024年第三季 | 10-Q表格                 13

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目录

恩斯塔集团有限公司

未经审核的简要合并股东权益变动表

截至2024年9月30日和2023年九个月结束时

			股本 (1)
									无投票权可转换普通股															优先股												库藏股
			有投票权普通股						C系列																		D系列						E系列						C系列优先股						JSOP						额外认股权股票						其他综合损益						保留盈余						总恩斯塔分享者的资产净值						新华保险						股东权益总额
			(以美元百万计)
截至2024年9月30日的九个月
截至2023年12月31日之余额			$	15					$	—																	$	400					$	110					$	(422)					$	(1)					$	579					$	(336)					$	5,190					$	5,535					$	113					$	5,648
归属于恩斯塔或非控股权益的净利润			—						—																		—						—						—						—						—						—						420						420						5						425
优先股息			—						—																		—						—						—						—						—						—						(27)						(27)						—						(27)
股份补偿摊销			—						—																		—						—						—						—						24						—						—						24						—						24
收购子公司非控股股东的权益			—						—																		—						—						—						—						—						—						—						—						(6)						(6)
其他综合收益，扣除税项后			—						—																		—						—						—						—						—						115						—						115						—						115
赎回非控制性权益			—						—																		—						—						—						—						—						—						—						—						(70)						(70)
其他			—						—																		—						—						—						—						(10)						—						—						(10)						—						(10)
截至2024年9月30日的结余			$	15					$	—																	$	400					$	110					$	(422)					$	(1)					$	593					$	(221)					$	5,583					$	6,057					$	42					$	6,099
2023年9月30日止九个月
2022年12月31日的结余			$	16					$	1																	$	400					$	110					$	(422)					$	(1)					$	766					$	(302)					$	4,406					$	4,974					$	186					$	5,160
属于恩斯塔或非控制性权益的净利润（不包括可赎回的非控制性权益）			—						—																		—						—						—						—						—						—						510						510						86						596
优先股息			—						—																		—						—						—						—						—						—						(27)						(27)						—						(27)
回购普通股			—						(1)																		—						—						—						—						(339)						—						—						(340)						—						(340)
股份补偿摊销			—						—																		—						—						—						—						22						—						—						22						—						22
收购子公司内非控股股东的权益			—						—																		—						—						—						—						9						—						—						9						(175)						(166)
其他综合损失，税后			—						—																		—						—						—						—						—						(268)						—						(268)						(90)						(358)
其他			—						—																		—						—						—						—						(3)						—						—						(3)						3						—
自2023年9月30日之结余			$	16					$	—																	$	400					$	110					$	(422)					$	(1)					$	455					$	(570)					$	4,889					$	4,877					$	10					$	4,887

(1) 2023年3月份回购并注销的C和E系列非表决可换股股份之所有面值金额均低于$，故未包含在这些表格中。1百万。

请参阅未经核数的简明合并基本报表附注。

恩斯塔 集团有限公司 | 2024年第三季度 | 10-Q表格 14

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恩斯塔集团有限公司

未经查核简明财务报表现金流量表

截至2024年9月30日和2023年九个月结束时

			截至九月三十日的九个月。
			2024						2023
			(以百万美元计)
营运活动：
净利润			$	425					$	609
将净利润调整为营运活动所提供的现金流量:
已实现的（收益）损失于投资			(2)						55
交易证券、公允价值变动、所有基金类型及其他投资			(400)						(222)
商誉减值			63						—
净递延资产摊销			86						75
折旧、增值及其他摊销			(8)						5
Enhanced Renovation的净收益			—						(275)
股权法投资的损失（收益）			29						(22)
其他调整			4						(11)
变动情况：
可追索的再保险余额，针对已付及未付的损失			226						145
损失和损失调整费用			(1,152)						(10)
被告的石棉及环保母基责任			(44)						(35)
付款的保险和再保险余额			5						164
其他经营资产及负债			13						(171)
持有基金			701						(504)
来自（或使用于）经营活动的现金：
针对增强型翻新所支付的现金对价			—						94
出售和到期的交易证券			592						1,065
交易证券的购买			(178)						(659)
经营活动所提供之净现金流入			360						303
投资活动：
可供出售证券的买卖与到期			1,487						1,571
购买可供出售证券			(1,433)						(1,589)
其他投资的购入			(673)						(610)
其他投资的收益			473						424
来自于股权法投资的收益			20						—
其他			1						11
投资活动使用的现金流量			(125)						(193)
筹资活动：
优先股息			(27)						(27)
回购股份			—						(340)
收购非控制权益			(6)						(175)
筹资活动中的净现金流量（流出）			(33)						(542)
汇率变动对外币现金及现金等价物的影响			4						(14)
现金及现金等价物的净增加（减少）			206						(446)
现金、现金等价物及受限现金，期初			830						1,330
期末现金、现金等价物及限制性现金余额			$	1,036					$	884

恩斯塔 集团有限公司 | 2024年第三季度 | 表格10-Q                 15

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目录

补充现金流量资讯：
所得税（已收取）支付，扣除退款后的净额			$	(14)					$	7
支付利息			$	76					$	66
与合并资产负债表的调节：
现金及现金等价物			$	572					$	497
受限现金及现金等价物			464						387
现金、现金等价物和受限制的现金			$	1,036					$	884
非现金营运活动：
未来保单持有人福利的转让			$	—					$	828
直接管理的资金在未来保单持有人福利的转让中进行交易所转移			—						(949)
在未来保单持有人福利的转让中转移的其他资产/负债			—						(62)
与参加Atrium的Syndicate 609结算相关的损失及损失调整费用转移			—						173
与参加Atrium的Syndicate 609结算相关的投资转移			—						(173)
非现金投资活动：
尚未结算的可供出售证券及其他投资的购买			$	(26)					$	11
尚未结算的可供出售证券及其他投资的销售			108						(11)
以承接再保险合约负债为对价，收到warrants。			16						—
以承接再保险合约负债为对价，收到AFS证券。			22						113
赎回投资基金中的非控制性权益。			(70)						—
非现金筹资活动:
赎回投资基金中的非控制性权益。			70						—

请参阅未经核数的简明合并基本报表附注。

恩斯塔 集团有限公司 | 2024年第三季度 | 表格10-Q                 16

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恩斯塔集团有限公司

未经审核简明综合财务报表附注

1. 合并协议

2024年7月29日，恩斯塔集团有限公司（以下简称“公司”、“我们”或“我们的”）与Elk Bidco有限公司（以下简称“母公司”），一家根据百慕达法律成立的有限股份公司，签署了一份并购协议和计划（以下简称“并购协议”）。母公司由Sixth Street Partners, LLC（“Sixth Street”）的附属公司管理或提供股权承诺支持。根据并购协议，将进行一系列并购（统称为“并购”），导致公司成为母公司的全资子公司。

根据合并协议的条款，公司已发行且流通的所有普通股，面值$1.00 每股，将换算为每普通股获得$338 现金，除了由第六街和某些股东持有的股份，他们将重新投资于合并实体。支付予我们股东的总代价约为$5.1十亿。完成合并仍须符合某些条件，包括某些监管机构的批准。合并预计将于2025年年中完成。

根据合并协议，在合并完成前，任何公司的限制股奖励、限制股单位奖励、延迟股奖励以及绩效股份一般将确认归属并包括在考虑中。作为考虑的一部分，恩斯塔同意返还约$500百万给公司的股东，这已包括在总计$338 每股普通股现金中。在交易完成后，公司将不再在公开市场上市，并将成为一家私人持有的公司。

合并协议包含公司和第六街在发生某些事件时的终止权利，包括但不限于：

1.如果合并的完成在2025年7月29日（「成交日期」）之前没有发生；但如果在2025年7月29日之前，由于所有必要的适用法规批准未能以可接受的条件获得，而合并的实效时间尚未发生，但满足了成交的所有其他条件（除了那些必须在成交时满足的条件，每一条件均可满足）或（在法律允许的范围内）被放弃，成交日期将自动延长另一个 剩余的六个月，即2024年12月31日届满时和2025年12月31日结束时。;

2.如果公司希望终止合并协议并与何须提出（如合并协议所定义）的优越方案有关的明确协议；和

3.如果第六街希望在发生合并协议中所定义的特定债务违约事件时终止合并协议。

在特定情况下终止并购协议，包括但不限于公司因董事会修改建议或为了达成优越提议而终止，公司将需要支付Sixth Street终止费用$145百万。此外，在某些情况下，如果Sixth Street终止并购协议，将需要支付公司终止费用$265百万，或者若Sixth Street基于指定债务违约事件终止并购协议，终止费用将为$971000万美元。

与合并结束有关的费用和其他支出估计区间为$90百万提高至$105百万，用于咨询和顾问、法律服务以及与员工相关的奖金。这些或有费用和支出将不会被累计，并将在合并结束的期间在我们的基本报表中确认，并将使用我们的财务资源支付，而不会来自任何合并对价（该对价完全支付给普通股东）。

与并购无关的费用，如法律服务费、申报费、行政费用和员工费用已于本基本报表内列为支出。

恩斯塔 集团有限公司 | 2024年第三季 | 表格10-Q                 17

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目录

项目 1 | 未经审核的简明合并基本报表附注 | 注 1. 合并协议

在2024年11月6日召开的股东大会上，公司的股东批准了一项批准合并协议的提案。公司和第六街正在努力完成合并，预计将于2025年中期获得所有必要的监管批准。

2. 呈报基础

恩斯塔集团有限公司是一家领先的全球保险集团，通过其在百慕达、美国、英国、欧洲大陆和澳洲的集团公司网络提供创新的资本释放解决方案。我们的核心重点是收购和管理在运行中的保险公司和保险业务组合。

这些未经审计的简明合并基本报表及相关附注是根据美国普遍采用会计原则（"U.S. GAAP"）为临时财务信息而编制，并符合表格10-Q的指示及证券交易委员会（"SEC"）规则与规定的第10条。因而，它们并不包含U.S. GAAP对完整合并基本报表所要求的所有财务信息和附注披露。

根据管理层的意见，这些未经审核的简要合并基本报表反映了所有调整，这些调整通常是正常且经常性的，对于公正地陈述中期财务结果是必要的。所有的公司间账目和交易均已删除，某些比较资讯也已重新分类，以符合目前的呈现形式。

任何中期的经营结果未必能反映整个年度的结果。这些未经审核的简明综合基本报表及相关附注应与我们截至2023年12月31日的年报10-k表格中包含的综合基本报表及相关附注一起阅读。

尚未采用的会计宣告最近已经发布。

ASU 2023-07 - 报告性分段披露的改进

在2023年11月，FASB发布了ASU 2023-07，其中包括对主题280 段落报告的以下修订：

•就重要业务部门支出，每年和每半年披露，这些支出定期提交给最高营运决策者（”CODM“），并包含在利润或损失的业务部门指标内；

•每年及中期披露报告可分部的其他项目金额及其组成的描述;

•在过渡期间披露有关可报告板块的盈利或亏损及资产的所有年度披露，这些披露目前由主题280要求。

•澄清，如果CODm在评估部门绩效并决定资源分配时使用多于一项措施，则实体不会被禁止报告一个或多个额外的部门利润或损失。

•揭示CODm的标题和职位，以及解释CODm如何使用报告的部门利润或损失数据来评估部门绩效并决定如何分配资源；并

•要求拥有单一可报告部门的实体提供ASU 2023-07修订所要求的所有披露，以及主题280中所有现有的部门披露。

这些修改自2023年12月15日后开始的年报告期间和自2024年12月15日后开始的中期报告期间生效，并必须追溯地应用于所有之前呈现的报告期。允许提前适用。

采用 ASU 2023-07 将要求我们扩大我们的分部披露。我们将在截至 2024 年 12 月 31 日的年度基本报表中，以及从 2025 年开始的中期时段采用这个 ASU。

恩斯塔 集团有限公司 | 2024年第三季度 | 表格10-Q                18

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目录

项目 1 | 未经审计的简明合并基本报表附注 | 附注 2. 呈报基础

ASU 2023-09 - 改进所得税披露

2023年12月，FASB发布了ASU 2023-09，其中包括对主题740所得税的以下修订:

•每年披露费率对帐中的特定类别；

•每年披露符合量化门槛的调整项目的附加资讯（如果这些调整项目的影响等于或大于将税前收入（或损失）乘以适用法定所得税税率计算的金额的5%）；

•每年披露所支付的所得税金额（扣除已收回的退款），并按联邦（国家）、州及外国税收分类。

•每年披露所缴纳的所得税金额（扣除所获退款后）按各司法管辖区分项，这些区域的所得税金额（扣除所获退款后）如等于或高于缴纳的总所得税金额（扣除所获退款后）的5%；

•揭露在所得税费用（或利益）之前，来自继续营运的净收入（或损失）在国内和国外之间的细分；

•披露来自持续营运的所得税费用（或收益），按联邦（国家）、州和外国进行划分；

•取消披露未来12个月内未确认税务利益余额可能变动的性质和范围估计之要求，或声明无法估计范围。

•当出于与附属公司和公司合资企业有关的这些对推延税项全面承认的例外因故未承认推延税负债时，就不需要披露每种临时差异的累计金额。

这些修订自2024年12月15日后开始的年度报告期间生效，应该采用前瞻性应用，然而允许追溯应用。允许提前采用。

采用ASU 2023-09将要求我们扩展收入税的披露。我们将在截至2025年12月31日的年度基本报表中前瞻性地采用此ASU。

ASU 2024-03 - 收入表费用的分类

在2024年11月，FASB发布了ASU 2024-03，这导致了220-40小主题综合收益报告 - 支出细项披露的增加，并包括以下修订：

•披露与各有关费用标题内包括之员工补偿、折旧、无形资产摊销和某些其他成本和费用金额，并在同一披露中包括已根据现行普遍公认会计准则规定披露的某些金额；

•披露在相关费用项目中尚未单独量化的余额的定性说明；并且

•披露总销售费用金额，并针对每年，解释实体对销售费用的定义。

这些修订本条款自2026年12月15日后开始的年度报告期和自2027年12月15日后开始的中期报告期生效，必须顺应应用，并且可以选择回顾性应用。允许提前采用。

采纳ASU 2024-03将要求我们扩大有关成本和费用的披露。我们目前正在确定采用新指引的期间。

恩斯塔 Group Limited | 2024年第三季 | 10-Q表格                 19

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目录

项目 1 │ 未经审查的简明合并基本报表注释 │ 注 3. 重大新业务和业务收购

3. 重要的新业务和业务收购

我们将新业务定义为重要交易，通常以再保险或直接业务转移，或业务收购的形式进行。

已签署并完成再保险协议

在截至2024年9月30日的九个月内，我们与R&Q（Accredited）和澳洲保险集团（"IAG"）达成再保险交易。此外，在2024年7月，我们与第三方资本平台达成了一项再保险交易，该平台利用保险连结证券（"ILS"）来为其风险提供资金，针对2019年和2020年的某些业务，因此恩斯塔获得了$294 百万的保费。

下表总结了我们在2024年1月1日至2024年9月30日期间完成的新再保险业务:

业务线												已收到对价						假设净亏损储备						DCA (1)																														交易类型						收购时的剩余限额						司法管辖权
												（单位：百万美元）
多元化组合，包括石棉、一般伤亡和工伤赔偿												$	282					$	297					$	15																													LpT 和 ADC						$	111					美国、英国和 欧洲
财产灾难和 COVID-19 风险												$	294					$	294					$	—																													哈哈哈哈的						各不相同(2)						全球
产品和公共责任、强制性第三方发动机、职业风险和工伤赔偿												$	200					$	202					$	2																													ADC						$	240					澳大利亚

(1) 如果预计的最终赔付损失超过协议起初收到的对价，会记录一个延期费用资产（“DCA”）。更多信息请参阅附注7。

(2) 限额因协议下每个个体受保合同而异。

2024年9月30日尚未关闭的再保险协议已签署

以下表格概述了在2024年9月30日结束的九个月内，与SiriusPoint和QBE签署但截至2024年9月30日尚未结束的新再保险业务。

业务线

协议日期

交易类型

预计储量 (1)

（单位：百万美元）

工伤补偿 (2)

2024 年 4 月 30 日

哈哈哈哈的

$

400

美国商业责任、通用航空和工伤赔偿 (3)

2024 年 8 月 8 日

哈哈哈哈的

371

总计

$

771

(1) 估计储量在交易结束后可能会发生变化。

(2) 2024年10月1日交易已关闭。

(3) 2024年10月31日交易关闭。

截至2024年9月30日，已签署的业务收购尚未完成

在2024年9月6日，我们签署了一项协议以购买 100% 的有投票权和无投票权股份，涉及一家位于百慕大、属于30亿的再保险公司及分隔账户公司，预计购买价为$46百万美元。交易于2024年11月5日完成。交易完成后，我们将该再保险公司合并到Cavello Bay再保险有限公司（“Cavello”）中。

恩斯塔 集团有限公司 | 2024年第三季度 | 10-Q表格                 20

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目录

项目1 | 未经审计的精简综合财务报表附注 | 附注4. 部门信息

4. 细分信息

我们的业务结构与我们的CODm，即首席执行官，对我们的业务的看法、绩效评估以及向我们的业务元件分配资源的方式保持一致。从2024年1月1日起，我们的业务组织结构划分为 二 可报告的部门:(i) 周转业务 和 (ii) 投资。此外，我们的企业和其他活动，不符合运营部门资格，包括与我们的可报告部门和以前的假设寿险和遗产核保可报告部门相关的与收入和支出无直接关联的项目。

自2024年1月1日起，我们的假设寿险和遗产承保报告业务板块被认定不再符合报告业务板块的定义，因为在Enhanzed Re的多项保单交换和新保单交易以及SGL No. 1、Arden和Atrium之间的安排结算后，它们不再参与任何积极的业务活动。考虑到业务活动的停止，并且所有剩余活动预计都不会产生重大影响，前假设寿险和遗产承保报告业务板块的所有剩余收入或支出将前瞻性地纳入我们的企业及其他业务中。

之前的Assumed Life部分包括了Enhanzed Re的人寿和财产累积超过限额（灾难）业务。 2022年8月，Enhanzed Re与Cavello Bay再保险有限公司（“Cavello”）以及安联（Allianz）签订了一份主协议，根据该协议完成了一系列补偿和移交协议，终止了该部分的任何继续再保险义务。 由于报告有一季度的延迟，我们认可了在2022年第四季度结束的交易对2023年第一季度的影响。

遗产承保部门之前参与了直接承保活动，其中包括在2020年及之前的承保年中针对Atrium的609号辛迪加在劳埃德的参与。 252020年及之前的承保年中，参与比例为百分之%s，抵消了将该业务结果合同性转移给已剥离的Atrium实体的交易所交易。 所有剩余的合同安排在2023年第二季度得到了解决。除了这些金额的结算外，2023年在遗产承保部门没有记录其他业务。

我们的资产由管理层以综合基础进行审查，以支持业务运营，涵盖我们的两个可报告板块以及我们的公司和其他活动所需。我们不将资产分配给我们的可报告板块，只有（再）保险赔付和未付赔付的收回余额以及归属于清算板块的商誉（所有商誉均归属于清算板块），这些是可以直接归属于我们的可报告板块的。

Enstar 集团有限公司 | 2024 年第三季度 | 10-Q 21 表格

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目录

项目1 | 未经审计的精简综合财务报表附注 | 附注4. 部门信息

下表详细列出了按部门和我们的公司及其他活动分类的部分未经审计的简明综合经营业绩报告:

			截至三个月												截至九个月
			9月30日,												9月30日,
			2024						2023						2024						2023
			（以美元百万计）
收入
清盘			$	16					$	15					$	38					$	40
投资			409						149						880						638
预计寿命 (1)			—						1						—						276
小计			425						165						918						954
公司及其他 (1)			(2)						(4)						(9)						(7)
总收入			$	423					$	161					$	909					$	947
(亏损)权益法下投资的收益
投资			$	(16)					$	(3)					$	(29)					$	22
部门净 (亏损) 利润
清算			$	(70)					$	(3)					$	(62)					$	(42)
投资			384						134						822						627
假定寿命 (1)			—						1						—						276
分部净利润			314						132						760						861
公司及其他 (1):
其他支出(2)			(2)						(4)						(9)						(7)
净发生的损失和损失调整费用（“LAE”） (3)			(27)						(16)						(28)						(37)
净推迟收费资产的摊销			(27)						(34)						(86)						(75)
一般和行政费用			(52)						(35)						(127)						(102)
利息支出			(22)						(22)						(67)						(67)
净汇率期货（损失）收益			(23)						23						(15)						24
所得税收益（费用）			—						7						(3)						12
净利润归属于非控制权益			(4)						(4)						(5)						(99)
优先股分红派息			(9)						(9)						(27)						(27)
总额-公司及其他亏损			(166)						(94)						(367)						(378)
归属于恩斯塔普通股股东的净利润			$	148					$	38					$	393					$	483

(1) 自2024年1月1日起，假设寿命和遗产承保被确定为不再符合可报告部门的定义，它们的剩余收入和损失活动将前瞻性地纳入企业及其他活动中。2024年1月1日前的活动记录在各自的部门中。此外，遗产承保在截至2024年和2023年9月30日的三个月和九个月内没有营业收入或收入活动，因此在上表中被排除。

(2) 企业及其他活动的其他费用包括与收购DCo和Morse TEC相关的公允价值调整的摊销。

(3) 企业及其他活动的净发生损失和损失调整费用包括与收购公司相关的公允价值调整，以及与我们选择公允价值选项的假设追溯再保险合同相关的资产和负债的公允价值的折现率和风险利润元件的变化。

恩斯塔 集团有限公司 | 2024年第三季度 | 10-Q表格                 22

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目录

项目 1 | 未经审计注释 精简合并基本报表 | 附注 5. 投资

5. 投资

开空和固定到期投资

资产类型

以下基础资产类别的公允价值如下所示：

			2024年9月30日
			短期投资，交易						短期投资，可供出售金融资产						固定到期日，交易						固定到期日，可供出售金融资产												总计
			（以美元百万计）
美国政府和机构			$	—					$	186					$	22					$	236											$	444
英国政府			—						1						17						34												52
其他政府			2						1						106						299												408
公司			2						19						1,155						2,605												3,781
市政			—						—						34						85												119
住房抵押贷款支持证券			—						—						52						394												446
商业按揭抵押支持			—						—						119						740												859
资产支持			—						—						67						784												851
总固定到期和开空期投资			$	4					$	207					$	1,572					$	5,177											$	6,960

			2023年12月31日
			开空期投资，交易						开空期投资，其他						固定到期，交易						固定到期，其他												总计
			（以美元百万计）
美国政府和机构			$	—					$	38					$	76					$	212											$	326
英国政府			—						—						21						51												72
其他政府			—						2						144						245												391
公司			2						22						1,349						2,758												4,131
市政			—						—						49						93												142
住房抵押贷款支持证券			—						—						55						432												487
商业按揭抵押支持			—						—						138						703												841
资产支持			—						—						117						767												884
总固定到期和开空投资			$	2					$	62					$	1,949					$	5,261											$	7,274

2024年9月30日，住房抵押贷款支持证券中包含了由美国政府机构发行的价值为$的证券254 百万（2023年12月31日：$306）。

截至2024年9月30日，商业抵押贷款支持证券中包括由美国政府机构发行的价值$的证券62 百万（2023年12月31日：$73 百万）。

恩斯塔 集团有限公司 | 2024年第三季度 | 表格10-Q                 23

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目录

项目 1 | 未经审计注释 精简合并基本报表 | 附注 5. 投资

合同到期

我们短期和固定到期投资的合同到期日，被分类为交易和可供出售（AFS）如下所示。实际到期可能与合同到期不同，因为发行人可能有权在没有看涨或预付款罚款的情况下进行提前赎回或预付款。

截至2024年9月30日						摊销 成本						公允价值						% 总公平价值
						（以美元百万计）
一年或更短时间						$	543					$	544					7.8		%
超过一年至五年						1,936						1,890						27.2		%
超过五年至十年						1,325						1,251						18.0		%
超过十年						1,378						1,119						16.1		%
住房抵押贷款支持证券						471						446						6.4		%
商业按揭抵押支持						898						859						12.3		%
资产支持						837						851						12.2		%
						$	7,388					$	6,960					100.0		%

可供出售短期和固定到期投资的未实现收益和损失

截至2023年10月，我们的可供出售短期和固定到期投资的摊销成本、未实现的收益和损失、信贷损失准备金及公允价值如下：

												未实现的总收益额						毛额未实现亏损
截至2024年9月30日						摊销成本												与信用无关的损失						信用损失准备						公允价值
						（以美元百万计）
美国政府和机构						$	433					$	4					$	(15)					$	—					$	422
英国政府						35						1						(1)						—						35
其他政府						298						8						(6)						—						300
公司						2,802						40						(218)						—						2,624
市政						97						—						(12)						—						85
住房抵押贷款支持证券						417						5						(28)						—						394
商业按揭抵押支持						772						4						(36)						—						740
资产支持						768						18						(2)						—						784
						$	5,622					$	80					$	(318)					$	—					$	5,384

												未实现收益总额						未实现亏损总额
截至 2023 年 12 月 31 日						摊销成本												与信贷无关的损失						信用损失备抵金						公允价值
						（单位：百万美元）
美国政府和机构						$	268					$	1					$	(19)					$	—					$	250
英国政府						49						3						(1)						—						51
其他政府						250						5						(8)						—						247
企业						3,040						23						(268)						(15)						2,780
市政的						107						1						(15)						—						93
住宅抵押贷款支持						466						3						(37)						—						432
商业抵押贷款支持						760						1						(57)						(1)						703
资产支持						764						10						(7)						—						767
						$	5,704					$	47					$	(412)					$	(16)					$	5,323

恩斯塔 集团有限公司 | 2024年第三季度 | 表格10-Q                 24

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目录

项目 1 | 未经审计注释 精简合并基本报表 | 附注 5. 投资

持有至到期投资和定期存款投资的公允价值未实现亏损

以下表格总结了我们的短期和到期固定投资，被分类为可供出售金融资产（AFS），处于总体未实现损失的位置，尚未记录信用损失准备金，如下所述：

						大于等于12个月												不足12个月												总计
截至2024年9月30日						公允价值 价值						未实现总额 损失						公允价值 价值						未实现总额 损失						公允价值 价值						未实现总额 损失
						（以美元百万计）
美国政府和机构						$	96					$	(13)					$	27					$	(2)					$	123					$	(15)
英国政府						9						(1)						8						—						17						(1)
其他政府						53						(6)						11						—						64						(6)
公司						1,558						(213)						94						(5)						1,652						(218)
市政						75						(12)						3						—						78						(12)
住房抵押贷款支持证券						215						(28)						14						—						229						(28)
商业按揭抵押支持						412						(31)						171						(5)						583						(36)
资产支持						30						(1)						151						(1)						181						(2)
总的短期和定期到期投资						$	2,448					$	(305)					$	479					$	(13)					$	2,927					$	(318)

						12 个月或更长时间												少于 12 个月												总计
截至 2023 年 12 月 31 日						公平 价值						未实现总额 损失						公平 价值						未实现总额 损失						公平 价值						未实现总额 损失
						（单位：百万美元）
美国政府和机构						$	135					$	(18)					$	43					$	(1)					$	178					$	(19)
英国政府						9						(1)						4						—						13						(1)
其他政府						70						(8)						10						—						80						(8)
企业						1,854						(265)						243						(3)						2,097						(268)
市政的						78						(15)						2						—						80						(15)
住宅抵押贷款支持						267						(36)						41						(1)						308						(37)
商业抵押贷款支持						410						(48)						225						(9)						635						(57)
资产支持						239						(6)						100						(1)						339						(7)
短期和固定到期投资总额						$	3,062					$	(397)					$	668					$	(15)					$	3,730					$	(412)

截至2024年9月30日和2023年12月31日，分类为AFS且处于未实现亏损状态的证券数量未记录信用损失准备金，数量为 2,861 和 2,156，分别。其中，处于未实现亏损状态超过十二个月的证券数量为 2,484 和 1,736，分别。

这些投资的合同条款大部分不允许发行人以低于证券摊销成本的价格结算。虽然利率上升，信贷利差扩大，并且在某些情况下信用评级下调，但我们目前不预计这些固定到期日的发行人会将它们以低于摊销成本的价格结算，因此我们预计每个证券将恢复其全部摊销成本。此外，我们目前不打算卖出目前处于未实现损失位置的证券，也不太可能被要求在恢复摊销成本基础之前出售这些证券。

恩斯塔 集团有限公司 | 2024年第三季度 | 10-Q表格                 25

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目录

项目 1 | 未经审计注释 精简合并基本报表 | 附注 5. 投资

可供出售债券投资的信用损失准备

下表提供了我们可供出售债务证券的信用损失开始和结束备抵的对账。

									截至9月30日的三个月
									2024																								2023
									公司												商业 抵押贷款 支持的												总计												公司												商业 抵押贷款 被支持																		总计
									（以美元百万计）
期初信贷损失拨备									$	(14)											$	—											$	(14)											$	(22)											$	(2)																	$	(24)
对之前没有记录信用损失的证券设定信用损失准备金									—												—												—												—												(1)																		(1)
减少之前已经记录信用损失准备金的证券的信用损失准备金									14												—												14												—												2																		2
期末信贷损失拨备									$	—											$	—											$	—											$	(22)											$	(1)																	$	(23)

									截至9月30日的九个月
									2024																		2023
									公司												商业 抵押贷款 支持												总计						其他 政府						公司												商业 抵押贷款 支持																		总计
									（以美元百万计）
期初信贷损失拨备									$	(15)											$	(1)											$	(16)					$	(1)					$	(32)											$	—																	$	(33)
对尚未记录信用损失的证券的信用损失准备									(1)												—												(1)						—						(3)												(3)																		(6)
减少因本期售出的证券									1												—												1						—						5												—																		5
减少在上个期间已记录的证券信用损失准备金									15												1												16						1						8												2																		11
期末信贷损失拨备									$	—											$	—											$	—					$	—					$	(22)											$	(1)																	$	(23)

截至2024年和2023年9月30日的三个月和九个月期间，我们没有针对信用损失准备金的任何核销或之前已核销金额的任何回收。

下面讨论了我们的市场股票、非市场股票、市场和非市场股票的收益和损失，以及我们按权益法计量的股票。

以下表格总结了我们的股权投资：

			2024年9月30日						2023年12月31日
			（以美元百万计）
下面讨论了我们的市场股票、非市场股票、市场和非市场股票的收益和损失，以及我们按权益法计量的股票。
私人持有的普通股和优先股的股权投资			$	392					$	344
公开交易的普通股和优先股的股权投资			305						275
etf			74						82
认股权证和其他			16						—
			$	787					$	701

Enstar 集团有限公司 | 2024 年第三季度 | 10-Q 26 表格

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目录

项目 1 | 未经审计注释 精简合并基本报表 | 附注 5. 投资

其他投资

下表总结了我们其他以公允价值计量的投资：

			2024年9月30日						2023年12月31日
			（以美元百万计）
其他投资
股权投资基金			$	1,840					$	1,617
私募信贷基金			819						625
对冲基金			476						491
固收基金			410						605
房地产业基金			383						269
CLO股权基金			162						182
CLO股权			50						60
股权投资基金			5						4
			$	4,145					$	3,853

其他投资，包括以NAV为便利指标测量公允价值的股权

我们使用净资产价值作为实际上的便利工具，对我们其他一些投资（包括股票）的公允价值进行评估。

下表详细说明了如果我们在2024年9月30日提供了赎回意向通知或启动了销售流程，将会收到收益的估计时间。该收益是针对我们以净资产价值作为实用选择计量的投资。

			少于1年						1-2年						2-3年						超过3年						不符合资格/受限制						总计						赎回频率 (1)
			（以美元百万计）
股票
私募股权投资			$	—					$	—					$	—					$	—					$	67					$	67					不符合条件/受限制
其他投资
股权投资基金			$	66					$	—					$	—					$	—					$	1,774					$	1,840					每季度
私募信贷基金			—						—						—						—						477						477						不符合条件/受限制
对冲基金			476						—						—						—						—						476						从月度到半年度
固收基金			367						—						—						—						37						404						从月度到季度
房地产业基金			—						—						—						—						383						383						不符合条件/受限制
CLO股权基金			160						—						—						—						2						162						从季度到半年度
			$	1,069					$	—					$	—					$	—					$	2,740					$	3,809

(1) 赎回频率与未受限金额有关。

股权法投资

下表显示了我们的权益法投资：

												2024年9月30日																		2023年12月31日
												股权%						账面价值												股权%						账面价值
												（以美元百万计）
核心特色												19.5		%				269												19.9		%				225
纪念碑再保险 (1)												24.6		%				22												20.0		%				95
积极医疗控股公司												27.0		%				12												27.0%						14
																		$	303																	$	334

(1) 截至2024年9月30日，我们拥有 24.6在Monument Re的普通股的百分比。我们在2024年1月2日将Monument Midco的所有优先股转换为Monument Re的普通股。截止到2023年12月31日，我们拥有 20.0在Monument Re的普通股的百分比，以及在Monument Midco的优先股，这些优先股具有固定的股息收益（如有声明）。

恩斯塔 集团有限公司 | 2024年第三季度 | 10-Q表格                 27

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目录

项目 1 | 未经审计注释 精简合并基本报表 | 附注 5. 投资

所有基金类型持有

在所有基金类型持有安排下，再保险公司保留了本应汇给我们的资金。持有资金的余额计入投资收益，同时支付的损失被扣除。

我们将资产负债表中的所有基金类型作为一个单独的类别展示。 下表总结了所有基金类型的元件：

			2024年9月30日						2023年12月31日
			（以美元百万计）
所有基金类型持有 - 直接管理			$	2,258					$	2,502
由再保公司持有的所有基金类型			2,368						2,749
所有基金类型持有总额			$	4,626					$	5,251

直接管理的基金

下表总结了对所有基金类型所持资产的元件进行担保的投资。

															2024年9月30日																		2023年12月31日
															（以美元百万计）
直接管理的基金 - 按成本计算															$	2,307																	$	2,608
公允价值变动：
累计公允价值变动 - 嵌入式衍生品会计															(49)																		(106)
直接管理的基金 - 按公允价值计算															$	2,258																	$	2,502

我们直接管理的资金大部分由开空和固定到期组成。这$244 从2023年12月31日到2024年9月30日，直接管理的资金减少了百万，主要是由于净支付的损失所致。

再保公司持有的所有基金类型

以下表格总结了由再保险公司持有的我们基金的元件:

						2024年9月30日						2023年12月31日
						（以美元百万计）
再保险公司持有的基金，按摊销成本计量						$	2,335					$	2,709
嵌入式衍生工具的公允价值 (1)						33						40
由再保公司持有的所有基金类型						$	2,368					$	2,749

(1) 根据2022年达成的aspen保险控股交易的条款，除了在截至2025年9月30日的所有基金类型中获得固定的信贷利率（“基础信贷利率”）外，我们还获得了一个变量回报（统称为“完全信贷利率”）。嵌入的衍生品代表了所有未来基于完全信贷利率的所有基金类型余额的利息支付预计将超过基于基础信贷利率的所有基金类型余额的所有未来利息支付的公允价值。

从2023年12月31日至2024年3月31日，净合同资产增加$381 2023年12月31日至2024年9月30日，再保公司持有的所有基金类型减少了500万美元，主要原因是净赔付损失，主要与aspen LPt有关。

恩斯塔 集团有限公司 | 2024年第三季度 | 表格10-Q                 28

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目录

项目 1 | 未经审计注释 精简合并基本报表 | 附注 5. 投资

净投资收益

净投资收益的主要类别总结如下：

			截至三个月												截至九个月
			9月30日,												9月30日,
			2024						2023						2024						2023
			（以美元百万计）
固定到期投资			$	83					$	85					$	250					$	245
短期投资和现金及现金等价物			9						11						24						28
所有基金类型持有			53						38						165						150
固定到期证券、现金及现金等价物的投资收益			145						134						439						423
股权投资			15						7						31						31
其他投资			14						8						37						31
股票及其他投资的投资收益			29						15						68						62
因2024年和2023年6月30日持有的普通股公允价值变动而确认的净投资收入（损失）			174						149						507						485
投资支出			(11)						(6)						(29)						(14)
净投资收益			$	163					$	143					$	478					$	471

净实现收益（损失）和公允价值变动

投资购买和销售以交易日期为基础记录。对投资销售的实现收益和损失基于对投资成本的具体识别。 我们未经审计的简明综合损益表中记录的净实现收益（损失）和公允价值变动的组成部分如下：

			截至三个月												截至九个月
			9月30日,												9月30日,
			2024						2023						2024						2023
			（以美元百万计）
销售产生的净实现收益（损失）：
持有至到期证券的实现总收益			$	3					$	2					$	9					$	4
持有至到期证券的实现总损失			(1)						(15)						(22)						(64)
固定到期证券 预期信用损失拨备减少			15						1						15						5
销售净实现收益(损失)总额			$	17					$	(12)					$	2					$	(55)
交易证券、所持基金及其他投资公允价值变动：
固定到期证券，交易			$	38					$	(22)					$	8					$	(24)
所有基金类型持有 - 直接管理			61						(46)						46						(49)
股票证券			26						17						98						109
其他投资			93						68						238						180
投资衍生品			11						1						10						6
交易证券、所有基金类型和其他投资公允价值变动合计			$	229					$	18					$	400					$	222
交易证券、所有基金类型和其他投资净实现收益及公允价值变动			$	246					$	6					$	402					$	167

截至2024年和2023年9月30日的三个月中在AFS投资上实现的总收益和损失，如上表所示，来自于AFS投资的销售，共计$362 百万美元和美元316 截至2024年和2023年9月30日的九个月中在AFS投资上实现的总收益和损失，如上表所示，来自于销售$998 百万美元和美元1.3。其中包括我们分享的收益和损失，包括减值，作为其他收入（费用），净额的组成部分。

恩斯塔 集团有限公司 | 2024年第三季度 | 10-Q表格                 29

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目录

项目 1 | 未经审计注释 精简合并基本报表 | 附注 5. 投资

2024年9月30日和2023年结束的三个月内，在报表中与仍在资产负债表日期持有的权益证券有关的交易证券、持有的基金和其他投资的公平价值变动为$26百万美元和$1百万，分别。

截至2024年和2023年9月30日的九个月内，交易证券、所持基金和其他投资的公允价值变动记录在与财务报表上截至日仍持有的股权证券相关的营业报表中为$96百万美元和$70百万。

受限制资产

截至2024年9月30日和2023年12月31日，我们限制资产的账面价值，包括限制现金为$464 百万美元和美元266 百万，具体如下： 

			2024年9月30日						2023年12月31日
			（以美元百万计）
信托资产用于第三方协议			$	5,090					$	5,301
存入资金作为监管机构的资产			64						80
担保信用证设施的抵押品			75						78
Lloyd's 所有基金类型 (1)			179						389
			$	5,408					$	5,848

(1) 我们为Lloyd's辅助管理和提供了资金 一份 截至2024年9月30日和2023年12月31日，我们为Lloyd's辅助管理和提供了资金。Lloyd's主要通过使用内部模型确定所需资本，该模型计算每个辅助的偿付能力资本要求。这笔资金被称为FAL，在辅助出现无法通过其他来源筹集资金的损失时将动用该资金。

6. 衍生品和对冲工具

衍生品会计

独立衍生品

独立衍生品在交易日期被记录，并以估计公允价值计入合并资产负债表，作为其他资产的资产或作为其他负债的负债。我们不对在同一主净额协议下与同一交易对手进行的衍生品所确认的估计公允价值金额进行抵消。

如果衍生工具没有被指定为会计对冲，或者其在风险管理中的使用不符合对冲会计的要求，衍生工具的估计公允价值的变动将在交易证券、公募基金和其他投资的公允价值变动中报告，这些都包含在我们的合并运营报表中。

套期保值会计

为了符合对冲会计的资格，在对冲关系建立之初，我们正式记录风险管理的目标和进行对冲交易的策略，以及对冲的指定。

我们在外国控件投资中有符合条件的净投资套期保值（NIFO）对冲。我们承认套期衍生工具估计公允价值的变动与外国控件中被对冲净投资的翻译调整一致，都计入OCI。

我们的文件阐明了对冲工具预期如何对冲与被对冲项目相关的指定风险，并确定了将用于回顾性和前瞻性评估对冲工具有效性的方法。被指定为对冲工具的衍生品必须被评估为在抵消被对冲项目的指定风险方面高度有效。对冲有效性在开始时正式评估，并且在整个指定对冲关系的生命周期中至少每季度评估一次。对冲有效性的评估也受解读和估计的影响，不同的解读或估计可能对净利润中报告的金额产生重大影响。

当基于NIFO对冲方式终止的套期会计（由于重新计价、支付股息或处置我们在外国运营中的投资）时，衍生工具继续在资产负债表上列示

恩斯塔 集团有限公司 | 2024年第三季度 | 10-Q表格                 30

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目录

项目1 | 附注至未经审计的基本报表 | 6. 衍生工具和套期工具

其估计的公允价值。根据已停止的NIFO对冲在其他综合收益中记录的递延收益和损失会立即在我们的合并运营报表中的净汇率期货损失（收益）中确认。

作为发行优先债券和可转换债券的一部分，公司同意向债券持有人发行总计

我们参与某些再保险协议，其中包含嵌入式衍生工具。我们的可转换债券组合中也有嵌入式衍生工具，记录在固定到期日内，作为交易出现在合并资产负债表中。我们评估每个确定的嵌入式衍生工具，以确定是否需要进行分离。如果满足以下条件，嵌入式衍生工具将从主合同中分离出来，并作为独立的衍生工具计入：

•合并工具并未以估计公允价值的完整价值核算，估计公允价值变动计入净利润；

•嵌入式衍生品的条款与主合同的经济特征并不明确且密切相关；并且

•具有与嵌入衍生工具相同条件的单独工具将符合衍生工具的定义。

此类嵌入式衍生工具按照估计公允价值与主合同一同列示于合并资产负债表中，其估计公允价值的变动通常在交易证券公允价值变动、所有基金类型和其他投资中进行报告。

衍生品策略

我们面临与持续业务运营相关的各种风险，包括利率、外汇汇率、信用和股价风险。我们使用各种策略来管理这些风险，包括使用衍生品。

衍生品是其价值源自利率、外币汇率、信用息差和/或其他金融指数的金融工具。我们使用的衍生品类型包括掉期和远期合约。

外汇衍生品

我们使用外汇汇率衍生品，包括外汇远期，以减少与我们资产和负债以外币计价的外汇汇率波动相关的风险。我们还使用外汇衍生工具来对冲我们在外国运营中某些净投资所关联的外汇汇率风险。

In a foreign currency forward transaction, we agree with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. We utilize foreign currency forwards in fair value, NIFO hedges and nonqualifying hedging relationships.

Interest Rate Derivatives

We use interest rate derivatives, specifically interest rate swaps, to reduce our exposure to changes in interest rates.

Interest rate swaps are used by us primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, we agree with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. We utilize interest rate swaps in nonqualifying hedging relationships.

In June 2024, we entered into four one-month forward interest rate swaps each with a different underlying swap term of 2 to 5 years, receiving a fixed rate and paying a floating rate with a notional value of $125 million to (1) partially mitigate the risk that interest rates could decrease prior to our receipt of the premium consideration and (2) reduce asset and liability mismatch risk driven by investment restrictions for the LPT transaction related to property catastrophe and COVID-19 exposures signed on June 4, 2024, which closed in the third quarter of 2024 as disclosed in Note 3.

Additionally, in June 2024, we entered into two one-month forward interest rate swaps, receiving a fixed rate and paying a floating rate with a notional value of AUD $195 million (USD $130 million) to partially mitigate the risk that interest rates could decrease prior to our receipt of the consideration for the ADC transaction related to product & public liability, compulsory third-party motor, professional risks, and workers’ compensation business signed on June

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 31

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | 6. DERIVATIVES AND HEDGING INSTRUMENTS

26, 2024 and which closed the third quarter of 2024 as disclosed in Note 3. The swap was terminated in September 2024. For the three and nine months ended September 30, 2024, we recognized a gain from fair value changes of $5 million and $5 million, respectively.

In August 2024, we entered into a one-month forward interest rate swap, receiving a fixed rate and paying a floating rate with a notional value of $308 million to partially mitigate the risk that interest rates could decrease prior to our receipt of the consideration for the LPT transaction related to general aviation and workers’ compensation signed on August 8, 2024, which closed in the fourth quarter of 2024 as disclosed in Note 3. For the three and nine months ended September 30, 2024, we recognized a gain from fair value changes of $2 million and $2 million, respectively.

The following table presents the gross notional amounts and estimated fair values of our derivatives recorded within other assets and other liabilities on the consolidated balance sheets as of September 30, 2024 and December 31, 2023:

			September 30, 2024																		December 31, 2023
			Gross Notional Amount						Fair Value												Gross Notional Amount						Fair Value
									Assets						Liabilities												Assets						Liabilities
			(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts			$	267					$	—					$	3					$	424					$	1					$	6
Derivatives not designated as hedging instruments
Foreign currency forward contracts			426						4						1						313						3						3
Interest rate swaps			433						5						—						—						—						—
Others			1						—						—						14						—						—
Total			$	1,127					$	9					$	4					$	751					$	4					$	9

The following table presents the net gains and losses relating to our derivative instruments for the three and nine months ended September 30, 2024 and 2023:

									Amount of Net Gains (Losses)
			Location of gain (loss) recognized on derivatives						Three Months Ended												Nine Months Ended
									September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
									(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts			Accumulated other comprehensive loss						$	(14)					$	15					$	(6)					$	3
Derivatives not designated as hedging instruments
Foreign currency forward contracts			Net foreign exchange (loss) gains						(4)						(4)						2						1
Interest rate swaps			Fair value changes in trading securities, funds held and other investments						10						(1)						10						7

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 32

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 7. Deferred Charge Assets

7. DEFERRED CHARGE ASSETS

If, at the inception of a retroactive reinsurance contract, the estimated liabilities for losses and LAE exceed the consideration received, a deferred charge asset (“DCA”) is recorded for this difference. In contrast, if the consideration received is in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability (“DGL”) is recorded. There are no DGL balances in the current or comparative periods.

We amortize the DCA balances over the estimated claim payment period of the related contracts with the amortization prospectively adjusted at each reporting period to reflect new estimates of the pattern and timing of remaining losses and LAE payments.

The following table presents a summary of the DCA balances and related activity for the three and nine months ended September 30, 2024 and 2023:

												Three Months Ended September 30,															Nine Months Ended September 30,
												2024																		2023									2024						2023
												(in millions of U.S. dollars)
Beginning carrying value															$	687																	$	797					$	731					$	658
Recorded during the period															2																		—						17						180
Amortization															(27)																		(34)						(86)						(75)
Ending carrying value															$	662																	$	763					$	662					$	763

8. LOSSES AND LOSS ADJUSTMENT EXPENSES

The liability for losses and LAE, also referred to as loss reserves, represents our gross estimates before reinsurance for unpaid reported losses (Outstanding Loss Reserves, or "OLR") and includes losses that have been incurred but not yet reported ("IBNR") using a variety of actuarial methods. We recognize an asset for the portion of the liability that we expect to recover from reinsurers. LAE reserves include allocated LAE ("ALAE") and unallocated LAE ("ULAE"). ALAE are linked to the settlement of an individual claim or loss, whereas ULAE are based on our estimates of future costs to administer the claims. IBNR includes amounts for unreported claims, development on known claims and reopened claims.

Our loss reserves cover multiple lines of business, including asbestos, environmental, general casualty, workers' compensation, marine, aviation and transit, construction defect, professional indemnity/directors and officers, motor, property and other non-life lines of business. We complete most of our annual loss reserve studies in the fourth quarter of each year and, as a result, tend to record the largest movements, both favorable and adverse, to net incurred losses and LAE in this period.

We have elected to apply the fair value option for certain reinsurance contracts including loss portfolio transfers ("LPTs") and reinsurance to close ("RITC") transactions. This is an irrevocable election that applies to all balances under the reinsurance contract, including reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE. The primary reason for electing the fair value option was to reduce the earnings volatility created by carrying the liabilities for losses and LAE at cost and the assets supporting those liabilities at fair value. During 2017 and 2018, we elected the fair value option on select new business and classified the supporting portfolio investments as trading securities, whereby all changes in fair value were recorded in the statements of operations. Commencing in 2019, we discontinued electing the fair value option on new business in order to better align with our evolving investment objectives.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 33

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 8. Losses and Loss Adjustment Expenses

The table below provides a consolidated reconciliation of the beginning and ending liability for losses and LAE:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(in millions of U.S. dollars)
Balance as of beginning of period			$	11,204					$	13,834					$	12,359					$	13,007
Reinsurance reserves recoverable on unpaid losses			(686)						(895)						(774)						(996)
Net balance as of beginning of period			10,518						12,939						11,585						12,011
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses			5						5						14						18
Increase in provisions for ULAE			1						—						1						—
Total current period			6						5						15						18
Prior periods:
Reduction in estimates of net ultimate losses			(15)						(12)						(63)						(35)
Reduction in provisions for ULAE			(21)						(19)						(60)						(37)
Amortization of fair value adjustments			2						4						11						13
Changes in fair value - fair value option (1)			25						12						17						24
Total prior periods			(9)						(15)						(95)						(35)
Total net incurred losses and LAE			(3)						(10)						(80)						(17)
Net paid losses:
Current period			—						(1)						—						(3)
Prior periods			(569)						(664)						(1,785)						(1,851)
Total net paid losses			(569)						(665)						(1,785)						(1,854)
Other changes:
Effect of exchange rate movement			120						(109)						49						(40)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk			6						—						6						(21)
Ceded business (2)			—						—						—						(139)
Assumed business (3)			538						—						835						2,215
Total other changes			664						(109)						890						2,015
Net balance as of September 30			10,610						12,155						10,610						12,155
Reinsurance reserves recoverable on unpaid losses			662						789						662						789
Balance as of September 30			$	11,272					$	12,944					$	11,272					$	12,944
															As of
															September 30, 2024						December 31, 2023
															(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses															$	10,164					$	11,196
Losses and loss adjustment expenses, at fair value															1,108						1,163
Total losses and loss adjustment expenses															$	11,272					$	12,359
Reinsurance balances recoverable on paid and unpaid losses															$	535					$	740
Reinsurance balances recoverable on paid and unpaid losses - fair value option															200						217
Total reinsurance balances recoverable on paid and unpaid losses															735						957
Less: Paid losses recoverable															(73)						(183)
Reinsurance reserves recoverable on unpaid losses															$	662					$	774

(1) Comprises discount rate and risk margin components.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 34

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 8. Losses and Loss Adjustment Expenses

(2) Represents the settlement of our participation in Atrium’s Syndicate 609 relating to the 2020 and prior underwriting years, comprised of losses and LAE expenses of $173 million, net of reinsurance reserves recoverable of $34 million.

(3) Amounts from 2024 correspond to the net loss reserves assumed from signed and closed reinsurance agreements described in Note 3, as well as other individually insignificant closed transactions.

Prior Period Development

Reduction in Estimates of Net Ultimate Losses

The following table summarizes the change in estimates of net ultimate losses related to prior years in our Run-off segment by line of business:

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
			(in millions of U.S. dollars)
Asbestos			$	6					$	(1)					$	(19)					$	—
Environmental			—						2						25						2
General casualty			7						41						24						37
Workers' compensation			(22)						(24)						(26)						(44)
Marine, aviation and transit			5						(13)						2						(13)
Construction defect			1						(3)						(21)						(4)
Professional indemnity/ Directors and officers			(19)						(9)						(60)						(10)
Motor			—						(5)						4						(5)
Property			5						(17)						5						(16)
All other			2						17						3						18
Total			(15)						(12)						$	(63)					$	(35)

Three Months Ended September 30, 2024:

The reduction in estimates of net ultimate losses of $15 million was driven by favorable development on our workers’ compensation and professional indemnity/directors and officers lines of business of $22 million and $19 million, respectively. This is a result of favorable claims experience, most notably in the 2021 acquisition year.

The results were partially offset by adverse development on our general casualty and asbestos lines of business of $7 million and $6 million, respectively, as a result of adverse claims experience.

Three Months Ended September 30, 2023:

The comparative quarter’s reduction in estimates of net ultimate losses of $12 million was driven by was driven by favorable development across multiple lines of business. We recognized favorable development on our workers’ compensation, property, and marine, aviation and transit lines of business of $24 million, $17 million and $13 million, respectively, as a result of favorable claims experience.

The results were partially offset by adverse development on our general casualty line of business of $41 million, primarily due to a small number of large losses across several portfolios, particularly on excess business, and adverse development on our all other line of business of $17 million, driven by identified deterioration on abuse claims.

Nine Months Ended September 30, 2024:

The reduction in estimates of net ultimate losses of $63 million was driven by net favorable development across multiple lines of business. We recognized $60 million, $26 million and $21 million of favorable development on our professional indemnity/ directors and officers, workers’ compensation, and construction defect lines of business, respectively, as a result of favorable claims experience, as well as $19 million of favorable development on our asbestos line of business resulting from favorable resolution of asbestos liabilities through claim actions.

The results were partially offset by adverse development of $25 million on our environmental line of business, primarily due to actuarial reviews and $24 million on our general casualty line of business, due to adverse claims experience.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 35

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 8. Losses and Loss Adjustment Expenses

Nine Months Ended September 30, 2023:

The comparative period’s reduction in estimates of net ultimate losses of $35 million was driven by favorable development across multiple lines of business. We recognized $44 million of favorable development on our workers’ compensation line of business and $16 million of favorable development on our property line of business as a result of favorable claims experience.

The results were partially offset by $37 million of adverse development on our general casualty line of business, primarily due to a small number of large losses across several portfolios, particularly on excess business, and $18 million of adverse development on our all other line of business, driven by identified deterioration on abuse claims.

Reduction in Provisions for ULAE

Three Months Ended September 30, 2024 and September 30, 2024:

The favorable reductions in provisions for ULAE for the three months ended September 30, 2024 and 2023 were driven by corresponding reductions in loss reserves and the associated estimated cost of managing such liabilities.

Nine Months Ended September 30, 2024 and September 30, 2023:

The favorable reductions in provisions for ULAE for the nine months ended September 30, 2024 and 2023 were driven by corresponding reductions in loss reserves and the associated estimated cost of managing such liabilities. The reduction in provisions for ULAE for the nine months ended September 30, 2023 was partially offset by an increase of $21 million as a result of assuming active claims control on a 2022 LPT agreement with Argo.

Changes in Fair Value - Fair Value Option

Three Months Ended September 30, 2024 and 2023:

PPD for the three months ended September 30, 2024 and 2023 was adversely impacted by changes in the fair value of liabilities for which we have elected the fair value option of $25 million and $12 million, respectively, which was primarily driven by a decrease in U.K. corporate bonds yield during the third quarter of 2024 and 2023. The corporate bond yields, which form a component of the discount rate used to calculate the fair value of the liabilities, are matched to the original currencies of the underlying loss portfolios, of which GBP is the predominant currency for those portfolios that we have elected to measure at fair value using the fair value option.

Nine Months Ended September 30, 2024 and 2023:

PPD for the nine months ended September 30, 2024 and 2023 was adversely impacted by changes in the fair value of liabilities for which we have elected the fair value option of $17 million and $24 million, respectively. For the nine months ended September 30, 2024, the impact was driven by normal payout of fair value liabilities and an update to the weighted average cost of capital assumption. For the nine months ended September 30, 2023 the impact was driven by a previously disclosed out-of-period adjustment related to the change in fair value for instrument specific credit risk from net incurred losses and LAE to AOCI.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 36

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Table of Contents

Item 1 | Notes to Consolidated Financial Statements | Note 9. Future Policyholder Benefits

9. FUTURE POLICYHOLDER BENEFITS

The provision for future policyholder benefits includes provisions for life contingent liabilities assumed as well as other policy benefits for insureds. The future policyholder benefits are equal to the present value of the future benefits payments and related expenses less the present value of future net premiums.

The assumed liabilities for future policyholder benefits are comprised primarily of in-payment annuity contract liabilities, which are classified as limited-payment contracts. The balances of and changes in liability for future policyholder benefits is as follows:

																		Nine Months Ended September 30, 2023
																								(in millions of U.S. dollars)
Balance as of January 1, 2023																								$	821
Benefits paid																								(6)
Effect of exchange rate movement																								13
Derecognition (1)																								(828)
Balance as of September 30, 2023																								$	—

(1) In November 2022, we completed a novation of the reinsurance of a closed block of life annuity policies, which was recorded in our first quarter 2023 results due to a one quarter reporting lag. See below for additional information.

There were no gross premiums recognized for the three and nine months ended September 30, 2023.

The effects of actual variances from expected policyholder behavior experience were not material for the nine month period ended September 30, 2023.

Novation of Future Policyholder Benefits

In November 2022, Enhanzed Re completed a novation of the reinsurance of a closed block of life annuity policies to Monument Re Limited, a subsidiary of Monument Insurance Group Limited (“Monument Re”). We settled the life liabilities and the related assets at carrying value in return for cash consideration of $94 million as of the closing date and recorded other income of $275 million. This amount consists of a reclassification adjustment of the component of AOCI related to the unlocking of the discount rate assumption from the adoption of the accounting standard related to accounting for long-duration contracts into earnings. Our net income attributable to Enstar was reduced by the amount attributable to Allianz’s 24.9% noncontrolling interest in Enhanzed Re at the time of the transaction and our other income recorded was subject to deferral as profits emerge from the underlying novated business, which is generally over the expected settlement period of the life annuity policies, to account for our 20% ownership interest in Monument Re at the time of the transaction.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 37

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Table of Contents

Item 1 | Notes to Consolidated Financial Statements | Note 9. Future Policyholder Benefits

The following table illustrates the calculation of the gain as of the closing date of the novation, in millions of U.S. dollars:

Calculation of carrying value as of transaction closing:
Funds held - directly managed and other assumed reinsurance recoverables																		$	973
Future policyholder benefits (corresponds to derecognition referenced above)																		(828)
Other assumed reinsurance liabilities																		(12)
Carrying value of net assets																		$	133
Calculation of gain on novation (recorded in first quarter 2023):
Cash consideration received																		$	94
Less: carrying value of net assets																		(133)
Add: reclassification of remeasurement of future policyholder benefits from AOCI and NCI (1)																		363
Amount deferred relating to 20% ownership interest in Monument Re (2)																		(49)
Gain on novation (3)																		275
Net income attributable to noncontrolling interest																		(81)
Gain on novation attributable to Enstar (4)																		$	194

(1) Comprised of $273 million from AOCI and $90 million from NCI.

(2) Calculated as 20% of the net Enstar transaction gain of $243 million (representing $324 million, consisting of the $39 million loss when comparing cash consideration to carrying value plus the $363 million reclassification benefit, less Allianz’s 24.9% share equal to $81 million).

(3) Recognized in other income in our unaudited condensed consolidated statements of operations.

(4) Recognized in net income in our unaudited condensed consolidated statements of operations.

For the nine months ended September 30, 2023, the total gain on novation attributable to Enstar was $194 million. The remaining deferred gain of $46 million as of September 30, 2024 will be amortized over the expected settlement period of the transferred life annuity policies, which is projected to be approximately 50 years, with the majority of benefit payments occurring in the earlier years. For the three months ended September 30, 2024 and 2023, the amortization was $1 million. For the nine months ended September 30, 2024 and 2023, the amortization was $2 million and $1 million, respectively.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 38

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 10. Defendant Asbestos and Environmental Liabilities

10. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

The carrying value of the defendant asbestos and environmental liabilities (“defendant A&E liabilities”), insurance recoveries, future estimated expenses and the fair value adjustments related to DCo and Morse TEC was as follows:

			September 30, 2024						December 31, 2023
			(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities			$	678					$	734
Defendant environmental liabilities			9						10
Estimated future expenses			30						33
Fair value adjustments			(194)						(210)
Defendant A&E liabilities			523						567
Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2024 - $4; 2023 - $5)			208						217
Fair value adjustments			(42)						(45)
Insurance balances recoverable			166						172
Net liabilities relating to defendant A&E exposures			$	357					$	395

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant A&E liabilities:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(in millions of U.S. dollars)
Balance as of beginning of period			$	540					$	587					$	567					$	607
Insurance balances recoverable			(169)						(175)						(172)						(177)
Net balance as of beginning of period			371						412						395						430
Total paid claims			(19)						(17)						(49)						(38)
Amounts recorded in other (income) loss:
Reduction in estimates of ultimate net liabilities			—						—						—						(2)
Reduction in estimated future expenses			(1)						(1)						(3)						(2)
Amortization of fair value adjustments			6						5						14						11
Total other (income) loss			5						4						11						7
Net balance as of September 30			357						399						357						399
Insurance balances recoverable			166						173						166						173
Balance as of September 30			$	523					$	572					$	523					$	572

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 39

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 11. Fair Value Measurements

11. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants. We use a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The hierarchy is broken down into three levels as follows:

•Level 1 - Valuations based on unadjusted quoted prices in active markets that we have the ability to access for identical assets or liabilities. Valuation adjustments and block discounts are not applied to Level 1 instruments.

•Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or significant inputs that are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.

•Level 3 - Valuations based on unobservable inputs where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values.

In addition, certain of our other investments are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy as defined above.

There have been no material changes in our valuation techniques during the period represented by these unaudited condensed consolidated financial statements.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 40

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 11. Fair Value Measurements

We have categorized our assets and liabilities that are recorded at fair value on a recurring and nonrecurring basis among levels based on the observability of inputs, or at fair value using NAV per share (or its equivalent) as follows:

			September 30, 2024
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Measured Using NAV as Practical Expedient						Total Fair Value
			(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency			$	—					$	444					$	—					$	—					$	444
U.K. government			—						52						—						—						52
Other government			—						408						—						—						408
Corporate			—						3,764						17						—						3,781
Municipal			—						119						—						—						119
Residential mortgage-backed			—						446						—						—						446
Commercial mortgage-backed			—						859						—						—						859
Asset-backed			—						820						31						—						851
			$	—					$	6,912					$	48					$	—					$	6,960
Funds held (1)			$	51					$	2,097					$	33					$	110					$	2,291
Equities:
Privately held equity investments			$	—					$	—					$	325					$	67					$	392
Publicly traded equity investments			295						9						1						—						305
Exchange-traded funds			74						—						—						—						74
Warrant and others			—						—						16						—						16
			$	369					$	9					$	342					$	67					$	787
Other investments:
Private equity funds			$	—					$	—					$	—					$	1,840					$	1,840
Private credit funds			—						342						—						477						819
Hedge funds			—						—						—						476						476
Fixed income funds			—						6						—						404						410
Real estate fund			—						—						—						383						383
CLO equity funds			—						—						—						162						162
CLO equities			—						50						—						—						50
Equity funds			—						5						—						—						5
			$	—					$	403					$	—					$	3,742					$	4,145
Total Investments, excluding funds held by reinsured companies and equity method investments			$	420					$	9,421					$	423					$	3,919					$	14,183
Reinsurance balances recoverable on paid and unpaid losses:			$	—					$	—					$	200					$	—					$	200
Other Assets:
Derivatives not qualifying as hedging			$	—					$	9					$	—					$	—					$	9
Losses and LAE:			$	—					$	—					$	1,108					$	—					$	1,108
Other Liabilities:
Derivatives qualifying as hedging			$	—					$	3					$	—					$	—					$	3
Derivatives not qualifying as hedging			—						1						—						—						1
Derivative instruments			$	—					$	4					$	—					$	—					$	4

(1) The difference in the amount of funds held shown at fair value and the funds held shown in our unaudited condensed consolidated balance sheet relates to the $2.3 billion of funds held by reinsured companies carried at amortized cost as of September 30, 2024.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 41

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 11. Fair Value Measurements

						December 31, 2023
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Measured Using NAV as Practical Expedient						Total Fair Value
						(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency						$	—					$	326					$	—					$	—					$	326
U.K government						—						72						—						—						72
Other government						—						391						—						—						391
Corporate						—						4,119						12						—						4,131
Municipal						—						142						—						—						142
Residential mortgage-backed						—						487						—						—						487
Commercial mortgage-backed						—						841						—						—						841
Asset-backed						—						873						11						—						884
						—						7,251						23						—						7,274
Funds held (1)						$	58					$	2,342					$	40					$	102					$	2,542
Equities:
Publicly traded equity investments						$	243					$	31					$	1					$	—					$	275
Exchange-traded funds						82						—						—						—						82
Privately held equity investments						—						—						299						45						344
						$	325					$	31					$	300					$	45					$	701
Other investments:
Private equity funds						$	—					$	—					$	—					$	1,617					$	1,617
Private credit funds						—						183						—						442						625
Fixed income funds						—						53						—						552						605
Hedge funds						—						—						—						491						491
Real estate debt fund						—						—						—						269						269
CLO equity funds						—						—						—						182						182
CLO equities						—						60						—						—						60
Equity funds						—						4						—						—						4
						$	—					$	300					$	—					$	3,553					$	3,853
Total Investments, excluding funds held by reinsured companies and equity method investments						$	383					$	9,924					$	363					$	3,700					$	14,370
Reinsurance balances recoverable on paid and unpaid losses:						$	—					$	—					$	217					$	—					$	217
Other Assets:
Derivatives qualifying as hedging						$	—					$	1					$	—					$	—					$	1
Derivatives not qualifying as hedging						—						3						—						—						3
Derivative instruments						$	—					$	4					$	—					$	—					$	4
Losses and LAE:						$	—					$	—					$	1,163					$	—					$	1,163
Other Liabilities:
Derivatives qualifying as hedging						$	—					$	6					$	—					$	—					$	6
Derivatives not qualifying as hedging						—						3						—						—						3
Derivative instruments						$	—					$	9					$	—					$	—					$	9

(1) The difference in the amount of funds held shown at fair value and the funds held shown in our consolidated balance sheet relates to the $2.7 billion of funds held by reinsured companies carried at amortized cost as of December 31, 2023.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 42

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 11. Fair Value Measurements

Level 3 Measurements and Changes in Leveling

Transfers into or out of levels are recorded at their fair values as of the end of the reporting period, consistent with the date of determination of fair value.

Investments

The following table presents a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs:

						Three Months Ended
						September 30, 2024																																				September 30, 2023
						Fixed maturity investments												Equities																		Total						Equities												Total
						Corporate																		Asset-backed						Privately-held Equities									Public Equities						Warrants and Other												Privately-held Equities
						(in millions of U.S. dollars)
Beginning fair value						$	16																	$	30					$	333					$	1					$	16					$	396					$	300											$	300
Total fair value changes in trading securities, funds held and other investments (1)						1																		1						(8)						—						—						(6)						(2)												(2)
Ending fair value						$	17																	$	31					$	325					$	1					$	16					$	390					$	298											$	298

						Nine Months Ended
						September 30, 2024																																				September 30, 2023
						Fixed maturity investments												Equities																		Total						Equities												Total
						Corporate																		Asset-backed						Privately-held Equities									Public Equities						Warrants and Other												Privately-held Equities
						(in millions of U.S. dollars)
Beginning fair value						12																		$	11					$	299					$	1					$	—					$	323					$	294											$	294
Purchases						—																		—						—						—						16						16						—												—
Sales and paydowns						—																		(1)						—						—						—						(1)						—												—
Total fair value changes in trading securities, funds held and other investments (1)						—																		1						26						—						—						27						4												4
Transfer into Level 3 from Level 2						5																		20						—						—						—						25						—												—
Ending fair value						$	17																	$	31					$	325					$	1					$	16					$	390					$	298											$	298

(1) Fair value changes in trading securities, funds held and other investments included in our unaudited condensed consolidated statements of operations is equal to the change in fair value changes in trading securities, funds held and other investments relating to assets held at the end of the reporting period.

Fair value changes in trading securities, funds held and other investments related to Level 3 assets in the tables above are included in fair value changes in trading securities, funds held and other investments in our unaudited condensed consolidated statements of operations.

Transfers into Level 3 are primarily attributable to the lack of observable market transactions and price information and the use of unobservable inputs within valuation methodologies.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 43

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 11. Fair Value Measurements

Valuation Techniques and Inputs

The table below presents the quantitative information related to the fair value measurements for our fixed maturity and equity investments measured at fair value on a recurring basis using Level 3 inputs:

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2024

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Fixed maturities

Corporate

Discounted cash flow

$

17

YTM; Implied total yield

5.47% - 9.85%

Asset-backed

Discounted cash flow

31

YTM; IRR

6.34% - 9.87%

Total fixed maturities

$

48

Privately held equity investments

Guideline company methodology; Option pricing model

$

200

P/BV multiple P/BV (excluding AOCI) multiple Expected term

1.5x - 1.8x 1.4x -1.6x 1.5-3.5 years

Guideline companies method

62

P/BV multiple Price/2024 earnings

1.6x 8.9x - 10.4x

Guideline companies method; Earnings

36

LTM Enterprise Value/ EBITDA multiples Multiple on earnings

13x - 14x 5x

Dividend discount model

27

Discount rate

6.9%

325

Publicly traded equity investments

Discounted cash flow

1

Implied total yield

8.50%

Warrants and Other

Black-Scholes model

16

Expected term in years

10 years

Total equity investments

$

342

(1) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value.

Funds Held by Reinsured Companies - Embedded Derivative

As described in Note 5, we have an embedded derivative in relation to the Aspen LPT transaction to account for the fair value of the full crediting rate we expect to earn on the funds withheld received as consideration.

The following table presents a reconciliation of the beginning and ending balances for the embedded derivative measured at fair value on a recurring basis using Level 3 inputs:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in millions of U.S. dollars)
Beginning fair value			$	22					$	42					$	40					$	44
Total fair value changes			11						1						(7)						(1)
Ending fair value			$	33					$	43					$	33					$	43

Fair value changes in trading securities, funds held and other investments in the table above are included in fair value changes in trading securities, funds held and other investments in our unaudited condensed consolidated statements of operations.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 44

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 11. Fair Value Measurements

Valuations Techniques and Inputs

The table below presents the qualitative information related to the fair value measurements for the embedded derivative on our funds held by reinsured companies measured at fair value on a recurring basis using Level 3 inputs:

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2024

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model; Discounted cash flow analysis

$

33

Volatility rate; Expected Loss Payments

4.88% $422 million

Insurance Contracts - Fair Value Option

The following table presents a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs:

			Three Months Ended September 30,
			2024																		2023
			Liability for losses and LAE						Reinsurance balances recoverable						Net						Liability for losses and LAE						Reinsurance balances recoverable						Net
			(in millions of U.S. dollars)
Beginning fair value			$	1,056					$	199					$	857					$	1,170					$	247					$	923
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses			1						2						(1)						1						(27)						28
Reduction in provisions for ULAE			(1)						—						(1)						(3)						—						(3)
Changes in fair value due to changes in:
Average payout			5						—						5						10						6						4
Corporate bond yield			19						5						14						6						(2)						8
Credit spread for non-performance risk			—						—						—						(4)						(4)						—
Weighted average cost of capital			7						1						6						—						—						—
Total change in fair value			31						6						25						12						—						12
Total incurred losses and LAE			31						8						23						10						(27)						37
Paid losses			(31)						(5)						(26)						(44)						(5)						(39)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk			8						2						6						—						—						—
Effect of exchange rate movements			44						(4)						48						(28)						(1)						(27)
Ending fair value			$	1,108					$	200					$	908					$	1,108					$	214					$	894

    

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 45

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 11. Fair Value Measurements

			Nine Months Ended September 30,
			2024																		2023
			Liability for losses and LAE						Reinsurance balances recoverable						Net						Liability for losses and LAE						Reinsurance balances recoverable						Net
			(in millions of U.S. dollars)
Beginning fair value			$	1,163					$	217					$	946					$	1,286					$	275					$	1,011
Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses			(6)						(11)						5						7						(26)						33
Reduction in unallocated LAE			(5)						—						(5)						(9)						—						(9)
Change in fair value due to changes in :
Average payout			24						4						20						37						11						26
Corporate bond yield			(10)						—						(10)						(29)						(6)						(23)
Risk cost of capital			1						—						1						—						—						—
Credit spread for non-performance risk			—						—						—						23						2						21
Weighted average cost of capital			7						1						6						—						—						—
Total change in fair value			22						5						17						31						7						24
Total incurred losses and LAE			11						(6)						17						29						(19)						48
Paid losses			(105)						(16)						(89)						(187)						(39)						(148)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk			8						2						6						(27)						(6)						(21)
Effect of exchange rate movements			31						3						28						7						3						4
Ending fair value			$	1,108					$	200					$	908					$	1,108					$	214					$	894

Below is a summary of the quantitative information regarding the significant observable and unobservable inputs used in the internal model to determine fair value on a recurring basis:

Valuation Technique

September 30, 2024

December 31, 2023

Unobservable (U) and Observable (O) Inputs

Weighted Average

Internal model

Corporate bond yield (O)

A Rated

A Rated

Internal model

Credit spread for Instrument-specific credit risk (U)

0.50%

0.65%

Internal model

Risk cost of capital (U)

6.15%

5.60%

Internal model

Weighted average cost of capital (U)

9.25%

8.75%

Internal model

Average payout - liability (U)

8.15 years

8.12 years

Internal model

Average payout - reinsurance balances recoverable on paid and unpaid losses (U)

8.56 years

8.35 years

The fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses may increase or decrease due to changes in the corporate bond rate, the credit spread for non-performance risk, the risk cost of capital, the weighted average cost of capital and the estimated payment pattern.

In addition, the estimate of the capital required to support the liabilities is based upon current industry standards for capital adequacy.

Changes in the fair value due to changes in average payout and corporate bond yields are included in net incurred losses and loss adjustment expenses in our unaudited condensed consolidated statements of operations. Changes in the fair value due to changes in credit spread for Instrument-specific credit risk are classified to other comprehensive income.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 46

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 11. Fair Value Measurements

Disclosure of Fair Values for Financial Instruments Carried at Cost

Senior and Junior Subordinated Notes

The following table presents the fair values of our Senior and Junior Subordinated Notes carried at amortized cost:

						September 30, 2024
						Amortized Cost						Fair Value
						(in millions of U.S. dollars)
4.95% Senior Notes due 2029						$	497					$	503
3.10% Senior Notes due 2031						496						432
Total Senior Notes						$	993					$	935
5.75% Junior Subordinated Notes due 2040						$	346					$	346
5.50% Junior Subordinated Notes due 2042						494						467
Total Junior Subordinated Notes						$	840					$	813

The fair value of our Senior Notes and our Junior Subordinated Notes was based on observable market pricing from a third party pricing service.

Both the Senior Notes and Junior Subordinated Notes are classified as Level 2.

Insurance Contracts

Disclosure of fair value of amounts relating to insurance contracts is not required, except those for which we elected the fair value option, as described above.

Remaining Financial Assets and Liabilities

Our remaining financial assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature approximates fair value as of September 30, 2024 and December 31, 2023.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 47

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 12. Variable Interest Entities

12. VARIABLE INTEREST ENTITIES

We have investments in certain limited partnership funds which are deemed to be variable interest entities ("VIEs"). The activities of these VIEs are generally limited to holding investments and our involvement in these entities is passive in nature. We consolidate all VIEs in which we are considered to be the primary beneficiary.

GCM Fund

In July 2022, we entered into an agreement to become a limited partner of GCM Blue Sails Infrastructure Offshore Opportunities Fund, L.P. (“GCM Fund”), with an initial commitment of $150 million. At that time, we performed an assessment and concluded that as a result of being a limited partner and having no substantive kick-out or participating rights, the GCM Fund is a VIE. We also concluded that we are the primary beneficiary, as our 99.5% economic interest in the GCM Fund is disproportionately greater than our lack of stated power to direct the activities of the GCM Fund that will most significantly impact the GCM Fund’s economic performance. As a result, we have consolidated the results of the GCM Fund. There was no gain or loss recognized on consolidation.

We recognize the results of the GCM Fund on a one quarter lag. As of September 30, 2024, $95 million of the initial commitment has been called. The carrying amounts of the assets and liabilities of the GCM Fund are presented within existing captions on our consolidated balance sheet as of September 30, 2024. Net investment income, changes in the fair value of assets and liabilities of the GCM Fund and management fees are presented within existing captions in the consolidated statements of operations.

We recognized fair value changes in trading securities, funds held and other investments of $3 million and $5 million for the three and nine months ended September 30, 2024, respectively. Such amounts were $3 million and $5 million for each of the three and nine months ended September 30, 2023, respectively.

Our exposure to risk of loss is limited to the amount of our investment, in accordance with the limited partnership agreement. We have not committed to provide any financial support to the general partner of the GCM Fund. In addition, we have not committed to provide any additional financial support to the GCM Fund in excess of previously funded capital commitments and all undistributed profits and income.

The assets of Enstar are not available to the creditors of the GCM Fund.

Nonconsolidated VIEs

The tables below present the fair value of our investments in nonconsolidated VIEs as well as our maximum exposure to loss associated with these VIEs:

			September 30, 2024																		December 31, 2023
			Fair Value						Unfunded Commitments						Maximum Exposure to Loss						Fair Value						Unfunded Commitments						Maximum Exposure to Loss
			(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock			$	61					$	—					$	61					$	55					$	—					$	55
Privately Held Equity			27						—						27						34						—						34
Total			$	88					$	—					$	88					$	89					$	—					$	89
Other investments
Hedge funds			$	476					$	—					$	476					$	491					$	—					$	491
Fixed income funds			132						35						167						147						35						182
Private equity funds			1,391						540						1,931						1,262						667						1,929
CLO equity funds			162						—						162						182						—						182
Private credit funds			577						238						815						349						242						591
Real estate funds			161						143						304						121						139						260
Total			$	2,899					$	956					$	3,855					$	2,552					$	1,083					$	3,635
Total investments in nonconsolidated VIEs			$	2,987					$	956					$	3,943					$	2,641					$	1,083					$	3,724

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 48

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 13. Goodwill and Intangible Assets

13. GOODWILL AND INTANGIBLE ASSETS

As of December 31, 2023, goodwill, included within other assets in our condensed consolidated balance sheets, had a carrying value of $63 million, all related to the Run-off segment.

Although we perform our annual goodwill impairment testing during the fourth quarter, we evaluate events or circumstances each period that could justify an interim test as well. The Merger Agreement executed this quarter indicated that the consideration for all ordinary shareholders interests as described in Note 1, which represents our fair value, is less than our book value. Hence, a full impairment charge related to goodwill of $63 million was recognized this quarter in the condensed consolidated statement of operations.

We also performed impairment tests for all other tangible and intangible assets during the third quarter of 2024 using applicable impairment models, noting no further impairment as of the date we entered into the Merger Agreement in July 2024 through September 30, 2024.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 49

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 14. Noncontrolling Interests

14. NONCONTROLLING INTERESTS

Redeemable Noncontrolling Interests

In December 2023, we entered into a Purchase Agreement with Trident V Funds and Dowling Capital Partners (together, the “RNCI Holders”) to purchase their remaining equity interest in StarStone Specialty Holdings Limited (“SSHL”). Following the completion of the transaction in December 2023, SSHL became a wholly-owned subsidiary and all redeemable non-controlling interests (“RNCI”) within our unaudited condensed consolidated balance sheets were redeemed.

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI in the prior year period (as of December 2023 we no longer held any RNCI): 

									Three Months Ended												Nine Months Ended
									September 30,												September 30,
									2023												2023
									(in millions of U.S. dollars)
Balance at beginning of period									$	178											$	168
Net income attributable to RNCI									4												13
Change in unrealized gains on AFS investments attributable to RNCI									1												2
Balance as of September 30									$	183											$	183

Noncontrolling Interests

As of September 30, 2024 and December 31, 2023, we had $42 million and $113 million, respectively, of non-controlling interests (“NCI”) primarily related to external interests in our subsidiaries.

In December 2022, Enhanzed Re repurchased the entire 24.9% ownership interest Allianz held in Enhanzed Re for $175 million. We recorded the impact of reclassifying the carrying value of the NCI acquired to Enstar shareholders’ equity in our first quarter 2023 results, as we report the results of Enhanzed Re on a one quarter reporting lag.

A reconciliation of the beginning and ending carrying amount of the equity attributable to NCI is included in the unaudited condensed consolidated statements of changes in shareholder's equity.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 50

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 15. Shareholders' Equity

15. SHAREHOLDERS' EQUITY

Ordinary Shares

The following is a reconciliation of our beginning and ending ordinary shares: 

																					Total Voting Ordinary Shares
Balance as of December 31, 2023																					15,196,685
Shares issued (1) (2)																					35,120
Balance as of September 30, 2024																					15,231,805

(1) Ordinary Shares issued in relation to share-based compensation plan awards and the Employee Share Purchase Plan.

(2) Includes 2,035 shares of restricted stock.

Non-voting Ordinary Shares

Strategic Share Repurchases

In March 2023, we repurchased 1,597,712 of our non-voting convertible ordinary shares held by Canada Pension Plan Investment Board for an aggregate $341 million, representing a price per share of $213.13 and a 5% discount to the trailing 10-day volume weighted average price of our voting ordinary shares as at the agreed March 2023 measurement date. The shares comprised all of our outstanding Series C and Series E non-voting ordinary shares.

Dividends on Preferred Shares

During the three months ended September 30, 2024 and 2023, we declared and paid dividends on Series D Preferred Shares of $7 million and on Series E Preferred Shares of $2 million for both periods.

During the nine months ended September 30, 2024 and 2023, we declared and paid dividends on Series D Preferred Shares of $21 million and on Series E Preferred Shares of $6 million for both periods.

Accumulated Other Comprehensive Income (Loss)

The following tables present a roll forward of accumulated other comprehensive income (loss):

			Three Months Ended
			September 30,
			2024
			Unrealized (losses) gains on available-for-sale investments						Cumulative currency translation adjustment												FVO - Own credit Adjustment						Total
			(in millions of U.S. dollars)
Balance June 30, 2024, net of tax			$	(390)					$	13											$	20					$	(357)
Unrealized gains on fixed maturities, AFS arising during the period			161						—												—						161
Reclassification adjustment for change in allowance for credit losses recognized in net income			(14)						—												—						(14)
Reclassification adjustment for net realized gains included in net income			(2)						—												—						(2)
Change in currency translation adjustment			—						(3)												—						(3)
Change in net liability for losses and LAE at fair value - Enstar-specific credit risk			—						—												(6)						(6)
Other comprehensive income (loss)			145						(3)												(6)						136
Balance September 30, 2024, net of tax			$	(245)					$	10											$	14					$	(221)

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 51

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 15. Shareholders' Equity

			Three Months Ended
			September 30,
			2023
			Unrealized (losses) gains on available-for-sale investments						Cumulative currency translation adjustment												FVO - Own credit Adjustment						Total
			(in millions of U.S. dollars)
Balance June 30, 2023, net of tax			$	(520)					$	11											$	21					$	(488)
Unrealized losses on fixed maturities, AFS arising during the period			(94)						—												—						(94)
Reclassification adjustment for change in allowance for credit losses recognized in net income			(1)						—												—						(1)
Reclassification adjustment for net realized losses included in net income			13						—												—						13
Other comprehensive (loss)			(82)						—												—						(82)
Balance September 30, 2023, net of tax			$	(602)					$	11											$	21					$	(570)

			Nine Months Ended
			September 30,
			2024
			Unrealized (losses) gains on available-for-sale investments						Cumulative currency translation adjustment												FVO - Own credit Adjustment						Total
			(in millions of U.S. dollars)
Balance December 31, 2023, net of tax			$	(368)					$	12											$	20					$	(336)
Unrealized gains on fixed maturities, AFS arising during the period			125						—												—						125
Reclassification adjustment for change in allowance for credit losses recognized in net income			(15)						—												—						(15)
Reclassification adjustment for net realized losses included in net income			13						—												—						13
Change in currency translation adjustment			—						(2)												—						(2)
Change in net liability for losses and LAE at fair value - Enstar-specific credit risk			—						—												(6)						(6)
Other comprehensive income (loss)			123						(2)												(6)						115
Balance September 30, 2024, net of tax			$	(245)					$	10											$	14					$	(221)

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 52

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Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 15. Shareholders' Equity

			Nine Months Ended
			September 30,
			2023
			Unrealized (losses) gains on available-for-sale investments						Cumulative currency translation adjustment						Remeasurement of future policyholder benefits - change in discount rate						FVO - Own credit Adjustment						Total
			(in millions of U.S. dollars)
Balance December 31, 2022, net of tax			$	(584)					$	9					$	273					$	—					$	(302)
Unrealized losses on fixed maturities, AFS arising during the period			(71)						—						—						—						(71)
Reclassification adjustment for change in allowance for credit losses recognized in net income			(5)						—						—						—						(5)
Reclassification adjustment for net realized losses included in net income			60						—						—						—						60
Change in currency translation adjustment			—						2						—						—						2
Reclassification adjustment for remeasurement of future policyholder benefits included in net income			—						—						(363)						—						(363)
Change in net liability for gains and LAE at fair value - Enstar-specific credit risk			—						—						—						21						21
Other comprehensive (loss) income			(16)						2						(363)						21						(356)
Less: Other comprehensive income attributable to NCI and RNCI			(2)						—						90						—						88
Balance September 30, 2023, net of tax			$	(602)					$	11					$	—					$	21					$	(570)

The following table presents details about the tax effects allocated to each component of other comprehensive income (loss):

			Three Months Ended
			September 30,
			2024																		2023
			Before Tax Amount						Tax (Expense) Benefit						Net of Tax Amount						Before Tax Amount						Tax (Expense) Benefit						Net of Tax Amount
			(in millions of U.S. dollars)
Unrealized gains (losses) on fixed maturities, AFS arising during the period			$	176					$	(15)					$	161					$	(97)					$	3					$	(94)
Reclassification adjustment for change in allowance for credit losses recognized in net income			(14)						—						(14)						(1)						—						(1)
Reclassification adjustment for net realized (gains) losses included in net income			(2)						—						(2)						13						—						13
Change in currency translation adjustment			(3)						—						(3)						—						—						—
Change in net liability for losses and LAE at fair value - Enstar-specific credit risk			(6)						—						(6)						—						—						—
Other comprehensive income (loss)			$	151					$	(15)					$	136					$	(85)					$	3					$	(82)

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 53

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 15. Shareholders' Equity

			Nine Months Ended
			September 30,
			2024																		2023
			Before Tax Amount						Tax (Expense) Benefit						Net of Tax Amount						Before Tax Amount						Tax (Expense) Benefit						Net of Tax Amount
			(in millions of U.S. dollars)
Unrealized gains (losses) on fixed maturities, AFS arising during the period			$	128					$	(3)					$	125					$	(74)					$	3					$	(71)
Reclassification adjustment for change in allowance for credit losses recognized in net income			(15)						—						(15)						(5)						—						(5)
Reclassification adjustment for net realized losses included in net income			13						—						13						60						—						60
Change in currency translation adjustment			(2)						—						(2)						2						—						2
Reclassification adjustment for remeasurement of future policyholder benefits included in net income			—						—						—						(363)						—						(363)
Change in net liability for losses and LAE at fair value - Enstar-specific credit risk			(6)						—						(6)						21						—						21
Other comprehensive income (loss)			$	118					$	(3)					$	115					$	(359)					$	3					$	(356)

The following tables present details of amounts reclassified from accumulated other comprehensive loss:

			Three Months Ended												Nine Months Ended
Details about AOCI components			September 30,												September 30,									Affected Line Item in Statement where Net Income are presented
			2024						2023						2024						2023
			(in millions of U.S. dollars)
Unrealized income (losses) on fixed maturities, AFS			$	16					$	(12)					$	2					$	(55)		Net realized gains (losses)
Remeasurement of future policyholder benefits			—						—						—						363			Other income
Total reclassifications for the period, net of tax			$	16					$	(12)					$	2					$	308

Changes in Ownership of Consolidated Subsidiaries

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented:

			Nine months ended
			September 30,
			2024						2023
			(in millions of U.S. dollars)
Net income attributable to Enstar ordinary shareholders			$	393					$	483
Transfers from noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest (1)			—						9
Change from net income attributable to Enstar ordinary shareholders and net transfers from noncontrolling interests			$	393					$	492

(1) The transfer from the noncontrolling interests for the nine months ended September 30, 2023 relates to the repurchase of the entire 24.9% ownership interest Allianz held in Enhanzed Re recorded in the first quarter 2023.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 54

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 16. Earnings Per Share

16. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted net earnings per ordinary share:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
			(in millions of U.S. dollars, except share and per share data)
Numerator:
Net income attributable to Enstar ordinary shareholders:			$	148					$	38					$	393					$	483
Denominator:
Weighted-average ordinary shares outstanding — basic (1)			14,666,153						15,464,824						14,657,391						15,962,910
Effect of dilutive securities:
Share-based compensation plans (2)(3)			182,205						141,281						177,512						108,015
JSOP(4)			195,408						—						189,928						—
Weighted-average ordinary shares outstanding — diluted			15,043,766						15,606,105						15,024,831						16,070,925
Earnings per share attributable to Enstar ordinary shareholders:
Basic			$	10.09					$	2.46					$	26.81					$	30.26
Diluted			$	9.84					$	2.43					$	26.16					$	30.05

(1) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting), but excludes ordinary shares held in the Enstar Group Limited Employee Benefit Trust in respect of Joint Share Ownership Plan ("JSOP") awards, which, as a result of us consolidating the EB trust, are classified as treasury shares.

(2) Share-based dilutive securities include restricted shares, restricted share units, directors’ restricted share units and performance share units. Certain share-based compensation awards were excluded from the calculation for the three and nine months ended September 30, 2024 and 2023 because they were anti-dilutive. The number of potential ordinary shares excluded from diluted shares outstanding was 0 and 59 shares for the three months ended September 30, 2024 and 2023, respectively, and 274 and 26,068 shares for the nine months ended September 30, 2024 and 2023, respectively, because the effect of including those potential ordinary shares in the calculation would have been anti-dilutive. Securities may be anti-dilutive based on timing of forfeitures of share-based compensation awards or if the share price at grant date was greater than the average market price of our ordinary shares. Refer to Note 22 to the Consolidated Financial Statements included within our 2023 Form 10-K for additional information on the share-based compensation awards.

(3) Certain restricted share units and performance share units were converted from an equity award to a liability award during the three and nine months ended September 30, 2024. As a result, the applicable units no longer have a dilutive impact.

(4) The JSOP award made to our CEO includes a condition that specifies a hurdle price ($315.53 as of January 20, 2025) compared to our market observable ordinary share price in order for the award to vest. As of September 30, 2024, the closing share price of our ordinary shares was $321.59. As a result, the JSOP award became dilutive for the three and nine months ended September 30, 2024. Additionally, 20% of the award is dependent on a 10% compounded annual growth rate in Fully Diluted Book Value Per Share from January 1, 2020, which was also met for the three and nine months ended September 30, 2024. Refer to Note 22 to the Consolidated Financial Statements of our 2023 Form 10-K for additional information on the JSOP.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 55

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 17. Related Party Transactions

17. RELATED PARTY TRANSACTIONS

The following tables summarize our related party balances and transactions. Additional details about the nature of our relationships and transactions are disclosed in Note 24 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023.

As of September 30, 2024			Stone Point (1) (2)																								Monument						AmTrust																		Core Specialty						Other (3)
			(in millions of U.S. dollars)
Assets
Fixed maturities, trading, at fair value			$	46																							$	—					$	—																	$	—					$	—
Fixed maturities, AFS, at fair value			362																								—						—																		—						—
Equities, at fair value			154																								—						200																		—						—
Funds held			—																								—						—																		9						—
Other investments, at fair value			424																								—						—																		—						1,736
Equity method investments			—																								22						—																		269						12
Total investments			986																								22						200																		278						1,748
Cash and cash equivalents			10																								—						—																		—						—
Other assets			—																								—						—																		17						—
Liabilities
Losses and LAE			—																								—						—																		130						—
Net assets			$	996																							$	22					$	200																	$	165					$	1,748

(1) As of September 30, 2024, investment funds managed by Stone Point Capital LLC ("Stone Point") own 1,451,196 of our Voting Ordinary Shares, which constitutes 9.5% of our outstanding Voting Ordinary Shares.

(2) As of September 30, 2024, we had unfunded commitments of $102 million to other investments, and $22 million to privately held equity managed by Stone Point and its affiliated entities.

(3) Other related party investments include investments in Positive Physicians Holdings, Inc, an equity method investment, and limited partnerships and partnership-like limited liabilities companies, for which had we not elected the fair value option, would otherwise be accounted for as equity method investments. We have disclosed our investments in these entities on an aggregated basis as they are individually immaterial.

As of December 31, 2023			Stone Point																								Monument						AmTrust						Citco												Core Specialty						Other
			(in millions of U.S. dollars)
Assets
Fixed maturities, trading, at fair value			$	69																							$	—					$	—					$	—											$	—					$	—
Fixed maturities, AFS, at fair value			428																								—						—						—												—						—
Equities, at fair value			136																								—						181						—												—						—
Funds held			—																								—						—						—												19						—
Other investments, at fair value			446																								—						—						—												—						1,602
Equity method investments			—																								95						—						—												225						14
Total investments			1,079																								95						181						—												244						1,616
Cash and cash equivalents			19																								—						—						—												—						—
Other assets			—																								—						—						20												9						—
Liabilities
Losses and LAE			—																								—						—						—												192						—
Net assets			$	1,098																							$	95					$	181					$	20											$	61					$	1,616

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 56

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 17. Related Party Transactions

			Three Months Ended
			September 30, 2024
			Stone Point																								Monument						AmTrust																		Core Specialty						Other
			(in millions of U.S. dollars)
REVENUES
Net premiums earned			$	—																							$	—					$	—																	$	—					$	—
Net investment income			4																								—						1																		—						3
Fair value changes in trading securities, funds held and other investments			12																								—						(2)																		—						35
Total revenues			16																								—						(1)																		—						38
EXPENSES
Net incurred losses and LAE			—																								—						—																		(2)						—
Total expenses			—																								—						—																		(2)						—
(Loss) income from equity method investments			—																								(26)						—																		10						—
Total net income (loss)			$	16																							$	(26)					$	(1)																	$	12					$	38

			Three Months Ended
			September 30, 2023
			Stone Point																		Northshore						Monument						AmTrust						Citco												Core Specialty						Other
			(in millions of U.S. dollars)
REVENUES
Net premiums earned			$	—																	$	—					$	—					$	—					$	—											$	(2)					$	—
Net investment income			3																		—						—						2						—												—						—
Fair value changes in trading securities, funds held and other investments			26																		—						—						(2)						—												—						11
Total revenues			29																		—						—						—						—												(2)						11
EXPENSES
Net incurred losses and LAE			—																		—						—						—						—												(9)						—
Total expenses			—																		—						—						—						—												(9)						—
(Loss) income from equity method investments			—																		—						(4)						—						1												—						—
Total net income (loss)			$	29																	$	—					$	(4)					$	—					$	1											$	7					$	11

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 57

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 17. Related Party Transactions

			Nine Months Ended
			September 30, 2024
			Stone Point																								Monument						AmTrust																		Core Specialty						Other
			(in millions of U.S. dollars)
REVENUES
Net premiums earned			$	—																							$	—					$	—																	$	2					$	—
Net investment income			9																								—						5																		—						8
Fair value changes in trading securities, funds held and other investments			52																								—						19																		—						71
Total revenues			61																								—						24																		2						79
EXPENSES
Net incurred losses and LAE			—																								—						—																		20						—
Total expenses			—																								—						—																		20						—
(Loss) income from equity method investments			—																								(72)						—																		44						(1)
Total net income (loss)			$	61																							$	(72)					$	24																	$	26					$	78

			Nine Months Ended
			September 30, 2023
			Stone Point																		Northshore						Monument						AmTrust						Citco												Core Specialty						Other
			(in millions of U.S. dollars)
REVENUES
Net premiums earned			$	—																	$	—					$	—					$	—					$	—											$	(4)					$	—
Net investment income			9																		—						—						5						—												—						5
Net realized gains			1																		—						—						—						—												—						—
Fair value changes in trading securities, funds held and other investments			28																		(6)						—						(5)						—												—						86
Total revenues			38																		(6)						—						—						—												(4)						91
EXPENSES
Net incurred losses and LAE			—																		—						—						—						—												(20)						—
Total expenses			—																		—						—						—						—												(20)						—
Income from equity method investments			—																		—						—						—						4												18						—
Total net income (loss)			$	38																	$	(6)					$	—					$	—					$	4											$	34					$	91

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 58

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Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 18. Commitments and Contingencies

18. COMMITMENTS AND CONTINGENCIES

Concentration of Credit Risk

We are subject to credit risk principally in relation to our:

i.investments, including equity method investments;

ii.cash and cash equivalents and restricted cash and cash equivalents;

iii.assets pledged to ceding companies under reinsurance contracts;

iv.(re)insurance balances recoverable on paid and unpaid losses; and

v.funds held by reinsured companies and funds held - directly managed (together funds held).

As of September 30, 2024, we had funds held concentrations to reinsurance counterparties exceeding 10% of shareholders’ equity of $4.2 billion (December 31, 2023: $4.8 billion) in aggregate. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us.

We limit the amount of credit exposure to any one counterparty, and none of our counterparty credit exposures, excluding U.S. government and agency instruments and the reinsurance counterparties noted above, exceeded 10% of shareholders’ equity as of September 30, 2024. As of September 30, 2024, our credit exposure to the U.S. government and agency instruments was $973 million (December 31, 2023: $932 million).

Legal Proceedings

We are, from time to time, involved in various legal proceedings in the ordinary course of business, including litigation and arbitration regarding claims. Estimated losses relating to claims arising in the ordinary course of business, including the anticipated outcome of any pending arbitration or litigation, are included in the liability for losses and LAE in our unaudited condensed consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to A&E and other claims.

Unfunded Investment Commitments

As of September 30, 2024, we had unfunded commitments of $1.4 billion to other investments, and $22 million to privately held equity. Included in the privately held equity amount, is a commitment we entered into during the nine months ended September 30, 2024 to invest $10 million in an insurance-linked securities (“ILS”) arrangement through a Bermuda-based collateralized reinsurer, determined to be a related party, that will provide reinsurance capacity across a diversified portfolio of casualty programs.

Guarantees

As of September 30, 2024, and December 31, 2023 parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.3 billion, for both periods. We also guarantee the 2040 and 2042 Junior Subordinated Notes, which have an aggregate principal amount of $850 million as of September 30, 2024 and December 31, 2023.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 59

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Table of Contents

Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 19. Subsequent Events

19. SUBSEQUENT EVENTS

Debt Obligations

In October 2024, an existing Letter of Credit (“LOC”) facility for one of our subsidiaries increased in size and an LOC was issued for $135 million with a corresponding increase in the parental guarantee.

Transactions

Captive Reinsurer Investment Commitment

On November 6, 2024, we entered into a commitment to invest $25 million into a Missouri-domiciled captive reinsurer that will write U.S. asset-intensive life reinsurance business.

James River

On November 11, 2024, one of our wholly owned subsidiaries has entered into an adverse development cover reinsurance agreement with subsidiaries of James River Group Holdings Ltd. (“James River”) to reinsure certain U.S. casualty exposures within James River’s Excess and Surplus (“E&S”) segment for accident years 2010 to 2023. Our subsidiary will provide $75 million of cover in excess of carried reserves and an existing ADC of $160 million of ADC reinsurance coverage provided to the subsidiaries of James River by State National Insurance Company. The closing of this transaction is subject to regulatory approval and other closing conditions.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 60

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless the context indicates otherwise, the terms "Enstar," "we," "us" or "our" mean Enstar Group Limited and its consolidated subsidiaries.

The following discussion and analysis of our financial condition as of September 30, 2024 and our results of operations for the three and nine months ended September 30, 2024 and 2023 should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this quarterly report and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Some of the information contained in this discussion and analysis or included elsewhere in this quarterly report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and the timing of events could differ materially from those anticipated by these forward-looking statements as a result of many factors, including those discussed under "Cautionary Statement Regarding Forward-Looking Statements" and Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023.

Table of Contents

Section						Page
Operational Highlights						62
Consolidated Results of Operations — for the Three and Nine Months Ended September 30, 2024 and 2023						63
•Overall Measures of Performance						67
•Technical Results						69
•Investment Results						74
•General and Administrative Expenses						78
Non-GAAP Financial Measures						79
Results of Operations by Segment — for the Three and Nine Months Ended September 30, 2024 and 2023						89
•Run-off Segment						89
•Investments Segment						91
•Assumed Life Segment						94
•Legacy Underwriting Segment						95
Corporate and Other						96
Current Outlook						98
Liquidity and Capital Resources						101

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 61

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Item 2 | Management's Discussion and Analysis | Operational Highlights

Operational Highlights

Our consolidated results for the nine months ended September 30, 2024 reflect our continued progress on providing capital release solutions to our clients by acquiring and managing their run-off portfolios.

Merger Agreement

On July 29, 2024, we entered into the Merger Agreement, under which all of Enstar’s issued and outstanding ordinary shares, par value $1.00 per share, will be converted into the right to receive $338 in cash per ordinary share, except for shares held by Sixth Street and certain shareholders who will reinvest in the merged entity. The total consideration to be paid to our shareholders in the Merger is approximately $5.1 billion. Completion of the Merger remains subject to certain conditions, including certain regulatory approvals. The Merger is currently expected to close in mid-2025; however, no assurance can be given as to when, or if, the Merger will occur.

Goodwill impairment

The Merger Agreement indicated that the consideration for all ordinary shareholders’ interests, which represents our fair value, is less than our book value. Hence, a full impairment charge related to goodwill of $63 million was recognized this quarter.

Refer to Note 1 and Note 13 of our unaudited condensed consolidated financial statements for further information on the Merger Agreement and goodwill impairment.

Capital Activity

In March 2024, Cavello Bay Reinsurance Limited (“Cavello”), a wholly-owned subsidiary of Enstar, was assigned an S&P Insurer Financial Strength Rating of ‘A’ with stable outlook. Cavello is Enstar’s primary non-life run-off consolidator, and a Class 3B reinsurer.

Transactions

•In June 2024, one of our wholly-owned subsidiaries completed an ADC and LPT agreement with Accredited Surety and Casualty Company, Inc. and Accredited Insurance (Europe) Limited (together, “Accredited”) relating to a diversified portfolio, including asbestos, general casualty, and workers’ compensation.

As a result of this transaction, we assumed net loss reserves of $297 million in exchange for consideration of $282 million.

•In July 2024, one of our wholly-owned subsidiaries completed an LPT agreement to reinsure certain 2019 and 2020 business written by a third-party capital platform, which uses an Insurance Linked Securities (“ILS”) to fund its risks relating to a diversified portfolio, including property catastrophe and COVID-19 exposures.

As a result of this transaction, we assumed net loss reserves of $294 million in exchange for consideration of $294 million.

•In August 2024, one of our wholly-owned subsidiaries completed an ADC agreement with Insurance Australia Limited on behalf of Insurance Australia Group (“IAG”) relating to a diversified portfolio including product and public liability, compulsory third-party motor, professional risks and workers’ compensation exposures.

As a result of this transaction, we assumed net loss reserves of $202 million in exchange for consideration of $200 million.

Refer to Note 3 of our unaudited condensed consolidated financial statements for a description of additional reinsurance and business acquisition agreements that were signed during 2024 but not closed as of September 30, 2024.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 62

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Consolidated Results of Operations - For the Three and Nine Months Ended September 30, 2024 and 2023

Primary GAAP Financial Measures

We use the following GAAP measures to manage the Company and monitor our performance:

•Net income and net income attributable to Enstar ordinary shareholders, collectively provide a measure of our performance focusing on underwriting, investment and expense results;

•Comprehensive income attributable to Enstar, which provides a measure of the total return, including unrealized gains and losses on fixed maturities, AFS investments, as well as other elements of other comprehensive income;

•Book value per share (“BVPS”), which we use to measure the value of our company over time;

•Return on equity (“ROE”), which measures our profitability by dividing our net income attributable to Enstar ordinary shareholders by opening Enstar ordinary shareholders’ equity;

•Total investment return (“TIR”), which measures the rate of return we obtain, including realized, unrealized and fair value changes, on our investments; and

•Run-off liability earnings (“RLE”) and RLE %, which measure both the dollar amount of prior period development on our acquired portfolios (RLE) and the percentage of prior period development relative to average net loss reserves, calculated by dividing our prior period development by our average net loss reserves (RLE %).

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 63

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

The following table sets forth certain unaudited condensed consolidated financial information:

			Three Months Ended																								Nine Months Ended
			September 30,												$ / pp Change												September 30,												$ / pp Change
			2024						2023															2024						2023
			(in millions of U.S. dollars, except per share data)
Technical Results
Net premiums earned			$	11					$	14					$	(3)											$	27					$	29					$	(2)
Net incurred losses and LAE
Current period			6						5						1												15						18						(3)
Prior period			(9)						(15)						6												(95)						(35)						(60)
Total net incurred losses and LAE			(3)						(10)						7												(80)						(17)						(63)
Acquisition costs			4						—						4												6						6						—
Investment Results
Net investment income			163						143						20												478						471						7
Net realized gains (losses)			17						(12)						29												2						(55)						57
Fair value changes in trading securities, funds held and other investments			229						18						211												400						222						178
(Loss) income from equity method investments			(16)						(3)						(13)												(29)						22						(51)
Other income (loss)			3						(2)						5												2						280						(278)
Amortization of net deferred charge assets			27						34						(7)												86						75						11
General and administrative expenses			110						91						19												295						265						30
Goodwill impairment			63						—						63												63						—						63
Net foreign exchange losses (gains)			23						(23)						46												15						(24)						39
NET INCOME			161						51						110												425						609						(184)
Less: Net income attributable to noncontrolling interests			(4)						(4)						—												(5)						(99)						94
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS			$	148					$	38					$	110											$	393					$	483					$	(90)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR			$	293					$	(35)					$	328											$	535					$	242					$	293
GAAP measures:
ROE			2.8		%				0.9		%				1.9		pp										7.8		%				10.8		%				(3.0)		pp
Annualized ROE																											10.4		%				14.4		%				(4.0)		pp
Annualized TIR																											7.1		%				4.7		%				2.4		pp
RLE																											0.9		%				0.3		%				0.6		pp
Non-GAAP measures:
Adjusted ROE*			2.2		%				2.5		%				(0.3)		pp										7.9		%				10.8		%				(2.9)		pp
Annualized Adjusted ROE*																											10.6		%				14.4		%				(3.8)		pp
Annualized Adjusted TIR*																											5.7		%				5.3		%				0.4		pp
Adjusted RLE *																											1.1		%				0.6		%				0.5		pp
																											As of												$ Change
																											September 30, 2024						December 31, 2023
GAAP measure:
BVPS																											$	378.22					$	343.45					$	34.77
Non-GAAP measure:
Fully diluted BVPS*																											$	365.94					$	336.72					$	29.22

*Non-GAAP measure; refer to "Non-GAAP Financial Measures" section for reconciliation to the applicable GAAP financial measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 64

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Overall Results

Three Months Ended September 30, 2024 versus 2023:

Net income attributable to Enstar ordinary shareholders increased by $110 million to $148 million for the three months ended September 30, 2024 from $38 million in the comparative quarter, as a result of:

•Total investment returns recognized in income of $393 million for the three months ended September 30, 2024, in comparison to $146 million for the comparative quarter, consisting of the aggregate of net investment income, net realized gains (losses), fair value changes in trading securities, funds held and other investments, and loss from equity method investments. The total investment returns in each period were driven by:

◦Net investment income of $163 million for the three months ended September 30, 2024 compared to $143 million in the comparative quarter due to an increase in our book yield on our fixed maturities, an increase in the income earned from funds held assets and higher dividend income earned on our privately held equities, partially offset by higher investment expenses;

◦Net realized gains of $17 million for the three months ended September 30, 2024 compared to net realized losses of $12 million in the comparative quarter;

◦Fair value changes in our trading securities and funds held resulting in a $99 million gain for the three months ended September 30, 2024 compared with a $68 million loss in the comparative quarter;

◦Fair value changes in our other investments, including equities, resulting in a $130 million gain for the three months ended September 30, 2024 compared with a $86 million gain in the comparative quarter; and

◦Loss from equity method investments of $16 million for the three months ended September 30, 2024 compared to $3 million in the comparative quarter as a result of increased losses on our investment in Monument Re, partially offset by increased income on our investment in Core Specialty.

This was partially offset by:

•A decrease of $6 million in prior period favorable development in net incurred losses and LAE. Net favorable prior period development of $9 million in the current period was primarily due to a reduction in our estimates of net ultimate losses and provisions for ULAE of $36 million, partially offset by a $25 million increase in the fair value of our 2017 and 2018 LPT liabilities where we elected the fair value option, which are subject to adjustment based upon a decrease in U.K. corporate bond yields. Third quarter 2023 prior period net favorable development of $15 million was primarily due to a reduction in our estimates of net ultimate losses and provisions for ULAE of $31 million, partially offset by a $12 million increase in the fair value of our 2017 and 2018 LPT liabilities where we elected the fair value option, due to a modest decrease in third quarter 2023 U.K. corporate bond yields;

•An increase in general and administrative expenses of $19 million, primarily driven by higher salaries and benefits expenses due to a share-based compensation settlement of a departing executive, inflation and other staff related costs, as well as higher legal fees primarily due to merger related costs;

•Goodwill impairment of $63 million for the three months ended September 30, 2024 as referenced above; and

•Net foreign exchange losses of $23 million for the three months ended September 30, 2024 were comprised of $19 million of exposures from foreign currency denominated assets and liabilities due to GBP and AUD strengthening against USD, as well as $4 million of losses on our non-designated foreign currency forward contracts. An offsetting foreign exchange gain of $27 million is recognized in other comprehensive income for exposure from our AFS securities. This is compared to foreign exchange gains of $23 million in the comparative quarter as a result of GBP and EUR weakening against USD.

The above factors contributed to net income of $161 million for the three months ended September 30, 2024 as compared to net income of $51 million in the comparative quarter, as well as net income attributable to Enstar ordinary shareholders of $148 million as compared to $38 million in the comparative quarter. Consequently, our ROE was 2.8% for the three months ended September 30, 2024 compared to 0.9% in the comparative quarter.

Comprehensive income attributable to Enstar for the three months ended September 30, 2024 was $293 million as compared to a comprehensive loss of $35 million in the comparative quarter. The third quarter 2024 comprehensive income was primarily due to net income of $161 million and unrealized gains on fixed maturities, AFS, net of reclassification adjustments excluding foreign exchange of $116 million. The unrealized gains on our fixed maturities, AFS, combined with our favorable investment results, described above, contributed to a net favorable

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 65

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Annualized TIR of 11.5% for the three months ended September 30, 2024, in comparison to an Annualized TIR of 1.8% in the comparative quarter.

Nine Months Ended September 30, 2024 versus 2023:

Net income attributable to Enstar ordinary shareholders decreased by $90 million to $393 million for the nine months ended September 30, 2024 from $483 million in the comparative period, as a result of:

•A decrease in other income of $278 million, largely driven by the first quarter 2023 net gain recognized from the novation of the Enhanzed Re reinsurance of a closed block of life annuity policies;

•Goodwill impairment of $63 million for the nine months ended September 30, 2024 as referenced above;

•An increase in general and administrative expenses of $30 million primarily driven by higher salaries and benefits expenses due to a share-based compensation settlement of a departing executive, inflation, and other staff related costs, as well as higher legal fees primarily due to merger related costs; and

•Net foreign exchange losses of $15 million for the nine months ended September 30, 2024 were comprised of $17 million of exposures from foreign currency denominated assets and liabilities due to GBP and AUD strengthening against USD, partially offset by $2 million of gains on our non-designated foreign currency forward contracts. An offsetting foreign exchange gain of $16 million is recognized in other comprehensive income for exposure from our AFS securities. This is compared to net foreign exchange gains of $24 million in the comparative period as a result of GBP and EUR weakening against USD in the period.

This was partially offset by:

•Total investment returns recognized in income of $851 million for the nine months ended September 30, 2024, in comparison to $660 million for the comparative period, consisting of the aggregate of net investment income, net realized gains (losses), fair value changes in trading securities, funds held and other investments, and loss from equity method investments. The total investment returns in each period were driven by:

◦Net investment income of $478 million for the nine months ended September 30, 2024 compared to $471 million in the prior period due to higher book yield on our fixed maturities, an increase of net investment income on our other investments as a result of an increased allocation to private credit funds, partially offset by higher investment expenses;

◦Net realized gains of $2 million for the nine months ended September 30, 2024 compared to net realized losses of $55 million in the comparative period;

◦Fair value changes in our trading securities and funds held resulting in a $54 million gain for the nine months ended September 30, 2024 compared with a $73 million loss in the comparative period;

◦Fair value changes in our other investments, including equities, resulting in a $346 million gain for the nine months ended September 30, 2024 compared with a $295 million gain in the comparative period; and

◦Loss from equity method investments of $29 million for the nine months ended September 30, 2024 compared to $22 million in income in the comparative period as a result of increased losses on our investment in Monument Re, partially offset by an increase in income on our investment in Core Specialty;

•An increase of $60 million in favorable development in prior period net incurred losses and LAE relative to the comparative period. For the nine months ended September 30, 2024, net favorable PPD of $95 million was primarily due to a reduction in our estimates of net ultimate losses and provisions for ULAE of $123 million, partially offset by a $17 million increase in the fair value of our 2017 and 2018 LPT liabilities where we elected the fair value option and fair value amortization of $11 million. For the nine months ended September 30, 2023, net prior period favorable development of $35 million was primarily due to a reduction in our estimates of net ultimate losses and provisions for ULAE of $72 million, partially offset by a $24 million increase in the fair value of liabilities where we elected the fair value option and fair value amortization of $13 million. This resulted in RLE of 0.9% for the nine months ended September 30, 2024 in comparison to RLE of 0.3% in the comparative period; and

•A decrease in net income attributable to noncontrolling interests of $94 million, as a result of recording the portion of the gain on novation of the Enhanzed Re reinsurance of a closed block of life annuity policies attributable to Allianz’s equity interest in Enhanzed Re in the prior period.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 66

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

The above factors contributed to net income of $425 million for the nine months ended September 30, 2024 as compared to $609 million in the comparative period, as well as net income attributable to Enstar ordinary shareholders of $393 million as compared to $483 million in the comparative period. Consequently, our ROE was 7.8% for the nine months ended September 30, 2024 compared to 10.8% for in the comparative period.

Comprehensive income attributable to Enstar for the nine months ended September 30, 2024 was $535 million as compared to $242 million in the comparative period. Comprehensive income for the nine months ended September 30, 2024 was primarily due to net income of $425 million and unrealized gains on fixed maturities, AFS, net of reclassification adjustments excluding foreign exchange of $107 million. The unrealized gains on our fixed maturities, AFS, combined with our favorable investment return, described above, contributed to a net favorable Annualized TIR of 7.1% for the nine months ended September 30, 2024, in comparison to an Annualized TIR of 4.7% in the comparative period.

BVPS and Fully Diluted BVPS* increased by 10.1% and 8.7%, respectively, from December 31, 2023 to September 30, 2024, primarily due to comprehensive income attributable to Enstar for the nine months ended September 30, 2024, which contributed 10.6% to both BVPS and Fully Diluted BVPS*.

The cumulative unrealized loss and fair value changes in our fixed maturities portfolio and funds held was $487 million as of September 30, 2024, which has adversely impacted BVPS by $33.21 per share and Fully Diluted BVPS* by $32.13 per share as of September 30, 2024. This compares to $1.2 billion of cumulative unrealized loss and fair value changes in our fixed maturities portfolio and funds held as of September 30, 2023.

*Non-GAAP measure; refer to "Non-GAAP Financial Measures" section for reconciliation to the applicable GAAP financial measure.

Overall Measures of Performance

BVPS and Fully Diluted BVPS*

BVPS and Fully Diluted BVPS* increased by 10.1% and 8.7%, respectively, from December 31, 2023 to September 30, 2024, primarily as a result of comprehensive income attributable to Enstar of $535 million. The cumulative unrealized loss and fair value changes in our fixed maturities portfolio and funds held was $487 million as of September 30, 2024, which adversely impacted BVPS by $33.21 per share and FDBVPS* by $32.13 per share.

ROE and Adjusted ROE*

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 67

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Item 2 | Management's Discussion and Analysis | Key Performance Measures

Three and Nine Months Ended September 30, 2024 versus 2023: ROE increased by 1.9 pp for the three months ended September 30, 2024 and decreased by 3.0 pp for the nine months ended September 30, 2024 compared to 2023. The key drivers of the changes in ROE are as follows:

			Three Months Ended
			September 30, 2024						September 30, 2023						Change																					ROE pp change
																																				ROE Impact
			(in millions of U.S. dollars)																																	%
Net investment income			$	163					$	143					$	20																				(0.1)		%
Fair value changes on trading securities and funds held			99						(68)						167																					3.4		%
Fair value changes on other investments, including equities			130						86						44																					0.5		%
Net realized gains (losses)			17						(12)						29																					0.6		%
Prior period net incurred losses and LAE			9						15						(6)																					(0.2)		%
General and administrative expenses			(110)						(91)						(19)																					—		%
Net foreign exchange (losses) gains			(23)						23						(46)																					(1.0)		%
Goodwill impairment			(63)						—						(63)																					(1.2)		%
Other			(74)						(58)						(16)																					(0.1)		%
Net income attributable to Enstar ordinary shareholders			148						38
Opening Equity			$	5,261					$	4,403
ROE / Change in ROE			2.8		%				0.9		%																									1.9		%

						Nine Months Ended
						September 30, 2024						September 30, 2023						Change																					ROE pp change
																																							ROE Impact
						(in millions of U.S. dollars)																																	%
Net investment income						$	478					$	471					$	7																				(1.0)		%
Fair value changes on trading securities and funds held						54						(73)						127																					2.7		%
Fair value changes on other investments, including equities						346						295						51																					0.3		%
Net realized gains (losses)						2						(55)						57																					1.3		%
(Loss) income from equity method investments						(29)						22						(51)																					(1.1)		%
Other income (primarily related to Enhanzed Re novation)						2						280						(278)																					(6.2)		%
Prior period net incurred losses and LAE						95						35						60																					1.1		%
General and administrative expenses						(295)						(265)						(30)																					0.1		%
Net income attributable to noncontrolling interests						(5)						(99)						94																					2.1		%
Net foreign exchange (losses) gains						(15)						24						(39)																					(0.8)		%
Goodwill impairment						(63)						—						(63)																					(1.3)		%
Other						(177)						(152)						(25)																					(0.2)		%
Net income attributable to Enstar ordinary shareholders						393						483
Opening Equity						$	5,025					$	4,464
ROE / Change in ROE						7.8		%				10.8		%																									(3.0)		%

Adjusted ROE* decreased 0.3 pp for the three months ended September 30, 2024 relative to the comparative quarter and decreased 2.9 pp for the nine months ended September 30, 2024 relative to the same period in 2023. Adjusted ROE* excludes the impact of goodwill impairment, merger related expenses, net realized gains (losses) on fixed maturities, AFS and fair value changes on fixed maturities, trading and funds held.

*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 68

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

We discuss the results of our operations by aggregating certain captions from our unaudited condensed consolidated statements of operations, as we believe it provides a more meaningful view of our results and eliminates repetition that would arise if captions were discussed on an individual basis.

In order to facilitate analysis, we have grouped the discussion into the following captions:

•Technical results: includes net premiums earned, net incurred losses and LAE and acquisition costs.

•Investment results: includes net investment income, net realized gains (losses), fair value changes in trading securities, funds held and other investments, unrealized gains (losses) on fixed maturities, AFS (recorded through the unaudited condensed consolidated statements of other comprehensive income) and income (loss) from equity method investments.

•General and administrative results: includes general and administrative expenses.

Technical Results

Our strategy is focused on effectively managing (re)insurance portfolios underwritten in previous years that we assume through our provision of capital release solutions and acquisition of portfolios and businesses in run-off.

Net premiums earned and the associated current period net incurred losses and LAE and acquisition costs are the result of the recognition of unearned premiums from transactions completed in recent years.

Premiums earned in the Run-off segment are generally offset by the related current period net incurred losses and LAE and acquisition costs.

The components of technical results are as follows:

			Three Months Ended September 30,
			2024																		2023
			Run-off																		Corporate and other						Total						Run-off																		Corporate and other						Total
			(in millions of U.S. dollars)
Net premiums earned			$	11																	$	—					$	11					$	14																	$	—					$	14
Net incurred losses and LAE:
Current period			6																		—						6						5																		—						5
Prior periods			(36)																		27						(9)						(31)																		16						(15)
Total net incurred losses and LAE			(30)																		27						(3)						(26)																		16						(10)
Acquisition costs			4																		—						4						—																		—						—
Technical results			$	37																	$	(27)					$	10					$	40																	$	(16)					$	24

			Nine Months Ended September 30,
			2024																		2023
			Run-off																		Corporate and other						Total						Run-off																		Corporate and other						Total
			(in millions of U.S. dollars)
Net premiums earned			$	27																	$	—					$	27					$	29																	$	—					$	29
Net incurred losses and LAE:
Current period			15																		—						15						18																		—						18
Prior periods			(123)																		28						(95)						(72)																		37						(35)
Total net incurred losses and LAE			(108)																		28						(80)						(54)																		37						(17)
Acquisition costs			6																		—						6						6																		—						6
Technical results			$	129																	$	(28)					$	101					$	77																	$	(37)					$	40

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 69

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Prior Periods - RLE - Three and Nine Months Ended September 30, 2024 and 2023

The following tables summarize RLE, RLE %, Adjusted RLE* and Adjusted RLE %* by acquisition year for the three months ended September 30, 2024 and 2023, which management believes is useful in measuring and monitoring performance of our claims management activity on the portfolios that we have acquired. This permits comparability between acquisition years of different loss reserve volumes.

Refer to the table below for a summary of RLE, RLE %, Adjusted RLE* and Adjusted RLE %* for the three months ended September 30, 2024:

																					Three Months Ended September 30, 2024
																					RLE																		Adjusted RLE*
Acquisition Year																					RLE / PPD						Average net loss reserves						RLE %												Adjusted RLE / PPD*						Average adjusted net loss reserves*						Adjusted RLE %*
																					(in millions of U.S. dollars)
2014 and prior																					$	8					$	878																	$	(6)					$	653
2015																					3						216																		4						222
2016																					(3)						534																		(2)						590
2017																					(27)						566																		(10)						769
2018																					(7)						506																		1						561
2019																					(1)						885																		—						1,348
2020																					2						306																		2						306
2021																					30						2,644																		44						2,932
2022																					3						1,795																		3						1,795
2023																					—						1,673																		—						1,673
2024																					1						561																		1						561
Total																					$	9					$	10,564					0.1		%										$	37					$	11,410					0.3		%

*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.

Three Months Ended September 30, 2024:

Our RLE % was 0.1% for the three months ended September 30, 2024 as favorable reductions in estimates of net ultimate losses and reductions in provisions for ULAE were partially offset by adverse changes in the fair value of liabilities for which we have elected the fair value option and amortization of fair value adjustments.

Acquisition year 2021 provided most of the favorable results for the period, driven by our general casualty, and workers’ compensation lines of business, as a result of claims experience. Acquisition years 2014 and prior was also favorable for the period, driven by our professional indemnity/ director and officers, and all other lines of business, as a result of claims experience. Acquisition year 2017 was unfavorably impacted by adverse development on our all other line of business and an increase in the fair value of liabilities for which we have elected the fair value option as a result of decreases in U.K. corporate bond yields. The corporate bond yields, which form a component of the discount rate used to calculate the fair value of the liabilities, are matched to the original currencies of the underlying loss portfolios, of which GBP is the predominant currency for those portfolios that we have elected to measure at fair value using the fair value option.

Adjusted RLE %* was positively impacted by the exclusion of the impact of the changes in the fair value of liabilities where we have elected the fair value option and the amortization of fair value adjustments relating to purchased subsidiaries. It is also impacted by the change in estimates of net ultimate liabilities and reduction in estimated future expenses of our defendant A&E liabilities.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 70

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Refer to the table below for a summary of RLE, RLE %, Adjusted RLE* and Adjusted RLE %* for the three months ended September 30, 2023:

																					Three Months Ended September 30, 2023
																					RLE																					Adjusted RLE*
Acquisition Year																					RLE / PPD						Average net loss reserves						RLE %												Adjusted RLE / PPD*						Average adjusted net loss reserves*						Adjusted RLE %*
																					(in millions of U.S. dollars)
2014 and prior																					$	15					$	1,449																	$	(8)					$	1,181
2015																					2						261																		2						266
2016																					14						638																		15						702
2017																					(34)						536																		(27)						780
2018																					2						645																		9						727
2019																					(5)						986																		(3)						1,496
2020																					1						425																		1						425
2021																					8						3,248																		31						3,589
2022																					12						2,598																		12						2,598
2023																					—						1,761																		—						1,761
Total																					$	15					$	12,547					0.1		%										$	32					$	13,525					0.2		%

*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.

Three Months Ended September 30, 2023:

Our RLE % was 0.1% for the three months ended September 30, 2023, as favorable reductions in estimates of net ultimate losses and reductions in provisions for ULAE were partially offset by net unfavorable changes in the fair value of liabilities for which we have elected the fair value option and amortization of fair value adjustments.

Favorable RLE in the 2014 and prior acquisition years was driven by favorable movement on our professional indemnity/directors and officers, all other, and marine, aviation and transit lines of business due to claims experience, partially offset by adverse development on our general casualty and property lines of business due to claims experience.

Favorable RLE in the 2016 acquisition year was driven by claims development on our professional indemnity/directors and officers line of business.

Adverse RLE in the 2017 acquisition year was driven by $27 million of development on our all other line of business, as a result of identified deterioration on abuse claims, in addition to a $7 million increase in the fair value of liabilities for which we have elected the fair value option as a result of decreases in U.K. corporate bond yields.

Favorable RLE in the 2021 acquisition year was driven by claims experience on our workers’ compensation line of business.

Favorable RLE in the 2022 acquisition year was driven by development on our property line of business as a result of claims experience.

Adjusted RLE %* was positively impacted by the exclusion of the impact of the changes in the discount rate upon the fair value of liabilities where we have elected the fair value option and the amortization of fair value adjustments relating to purchased subsidiaries. It is also impacted by the change in estimates of net ultimate liabilities and reduction in estimated future expenses of our defendant A&E liabilities.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 71

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

																					Nine Months Ended September 30, 2024
																					RLE																					Adjusted RLE*
Acquisition Year																					RLE / PPD						Average net loss reserves						RLE %												Adjusted RLE / PPD*						Average adjusted net loss reserves*						Adjusted RLE %*
																					(in millions of U.S. dollars)
2014 and prior																					$	(2)					$	1,233																	$	(3)					$	891
2015																					4						403																		5						229
2016																					7						558																		8						617
2017																					(26)						581																		(16)						789
2018																					(17)						748																		(7)						596
2019																					(2)						630																		—						1,411
2020																					(10)						1,635																		(10)						334
2021																					92						2,429																		100						3,083
2022																					53						1,650																		53						1,988
2023																					(5)						819																		(5)						1,616
2024																					1						412																		1						412
Total																					$	95					$	11,098					0.9		%										$	126					$	11,966					1.1		%

*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.

Nine Months Ended September 30, 2024:

Our RLE % was 0.9% for the nine months ended September 30, 2024, due to favorable reductions in estimates of net ultimate losses and reductions in provisions for ULAE, partially offset by adverse changes in the fair value of liabilities for which we have elected the fair value option and amortization of fair value adjustments.

Acquisition years 2022 and 2021 provided most of the favorable results for the period, driven by our professional indemnity/directors and officers, general casualty, workers’ compensation, and construction defect lines of business, as a result of claims experience. Acquisition year 2018 was unfavorably impacted by increased settlement activity in the general casualty line of business. Acquisition year 2017 was unfavorably impacted by development on our all other line of business and an increase in the fair value of liabilities for which we have elected the fair value option.

Our Adjusted RLE %* was positively impacted by the exclusion of the impact of the changes in the discount rate upon the fair value of liabilities where we have elected the fair value option and the amortization of fair value adjustments relating to purchased subsidiaries. It is also impacted by the change in estimate of net ultimate liabilities and reduction in estimated future expenses of our defendant A&E liabilities.

																					Nine Months Ended September 30, 2023
																					RLE																					Adjusted RLE*
Acquisition Year																					RLE / PPD						Average net loss reserves						RLE %												Adjusted RLE / PPD*						Average adjusted net loss reserves*						Adjusted RLE %*
																					(in millions of U.S. dollars)
2014 and prior																					$	20					$	1,371																	$	(5)					$	901
2015																					5						273																		6						291
2016																					15						654																		18						721
2017																					(35)						553																		(25)						787
2018																					(8)						696																		12						781
2019																					(4)						1,018																		(2)						1,535
2020																					15						499																		15						501
2021																					25						3,322																		55						3,784
2022																					2						2,857																		2						2,863
2023																					—						840																		—						840
Total																					$	35					$	12,083					0.3		%										$	76					$	13,004					0.6		%

*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.

Nine Months Ended September 30, 2023:

Our RLE % was 0.3% for the nine months ended September 30, 2023, as favorable reductions in estimates of net ultimate losses and reductions in provisions for ULAE were partially offset by net unfavorable changes in the fair value of liabilities for which we have elected the fair value option and amortization of fair value adjustments.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 72

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Favorable RLE in the 2014 and prior acquisition years was driven by favorable movement on our professional indemnity/directors and officers, all other, and marine, aviation and transit lines of business due to claims experience. The favorable RLE was partially offset by adverse development on our general casualty line of business due to a small number of large losses, particularly on excess business, and adverse development on our property line of business due to adverse claims experience.

Favorable RLE in the 2016 acquisition year was driven by favorable claims development on our professional indemnity/directors and officers line of business.

Adverse RLE in the 2017 and 2018 acquisition years was driven by development on our all other line of business, primarily as a result of identified deterioration on abuse claims, and general casualty line of business, primarily due to a small number of large losses across several portfolios, particularly on excess business. The adverse RLE was further impacted by a $24 million increase in the fair value of liabilities for which we have elected the fair value option. The results were partially offset by favorable development on our workers’ compensation and marine, aviation and transit lines of business as a result of claims experience.

Favorable RLE in the 2020 acquisition year was driven by a release of $10 million relating to COVID-19 exposures on our general casualty line of business.

Favorable RLE in the 2021 acquisition year was driven by claims experience on our workers’ compensation line of business.

Our Adjusted RLE %* was positively impacted by the exclusion of the impact of the changes in the discount rate upon the fair value of liabilities where we have elected the fair value option and the amortization of fair value adjustments relating to purchased subsidiaries. It is also impacted by the change in estimate of net ultimate liabilities and reduction in estimated future expenses of our defendant A&E liabilities.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 73

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Investment Results

We strive to structure our investment holdings and the duration of our investments in a manner that recognizes our liquidity needs, including our obligation to pay losses and LAE liabilities.

The components of our investment results split between our fixed income assets (which includes our short-term and fixed maturities classified as trading and AFS, funds held, cash and cash equivalents and restricted cash and cash equivalents, collectively our “Fixed Income” assets) and other investments (which includes equities and equity method investments, collectively our “Other Investments”) for the three and nine months ended September 30, 2024 and 2023 are as follows:

			Three Months Ended September 30,
			2024																		2023
			Fixed Income						Other Investments						Total						Fixed Income						Other Investments						Total
			(in millions of U.S. dollars)
Net investment income			$	134					$	29					$	163					$	128					$	15					$	143
Net realized gains (losses)			17						—						17						(12)						—						(12)
Fair value changes in trading securities, funds held and other investments			99						130						229						(68)						86						18
Loss from equity method investments			—						(16)						(16)						—						(3)						(3)
Other comprehensive income:
Unrealized gains (losses) on fixed maturities, AFS, net of reclassification adjustments, excluding foreign exchange			116						—						116						(63)						—						(63)
TIR ($)			$	366					$	143					$	509					$	(15)					$	98					$	83
Annualized TIR %			11.7		%				11.0		%				11.5		%				(0.4)		%				8.1		%				1.8		%
Annualized Adjusted TIR %*			4.1		%				11.0		%				6.0		%				3.4		%				8.1		%				4.5		%

*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.

			Nine Months Ended September 30,
			2024																		2023
			Fixed Income						Other Investments						Total						Fixed Income						Other Investments						Total
			(in millions of U.S. dollars)
Net investment income			$	410					$	68					$	478					$	409					$	62					$	471
Net realized gains (losses)			2						—						2						(55)						—						(55)
Fair value changes in trading securities, funds held and other investments			54						346						400						(73)						295						222
(Loss) income from equity method investments			—						(29)						(29)						—						22						22
Other comprehensive income:
Unrealized gains on fixed maturities, AFS, net of reclassification adjustments, excluding foreign exchange			107						—						107						2						—						2
TIR ($)			$	573					$	385					$	958					$	283					$	379					$	662
Annualized TIR %			6.0		%				10.1		%				7.1		%				2.7		%				10.3		%				4.7		%
Annualized Adjusted TIR %*			4.1		%				10.1		%				5.7		%				3.6		%				10.3		%				5.3		%

*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 74

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Net Investment Income

The below charts are in millions of U.S. dollars.

Three Months Ended September 30, 2024 versus 2023: Net investment income increased primarily due to:

•an increase in net investment income on our fixed maturities as a result of a higher book yield as well as an increase in the income earned from funds held assets; and

•an increase in dividend income earned on our privately held equities; partially offset by

•higher investment expenses primarily due to increased performance fees.

Nine Months Ended September 30, 2024 versus 2023: Net investment income increased primarily due to:

•an increase of net investment income on our fixed maturities as a result of a higher book yield; and

•an increase of net investment income on our other investments as a result of an increased allocation to private credit funds; partially offset by

•higher investment expenses primarily due to increased performance fees.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 75

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Fair Value Changes, Net Realized Losses and Unrealized (Losses) Gains included in Comprehensive Income

The below charts are in millions of U.S. dollars.

Three Months Ended September 30, 2024 versus 2023: The net increase of $419 million when comparing the aggregate of fair value changes, realized gains (losses) and unrealized gains (losses) on fixed maturities, AFS for the three months ended September 30, 2024 to the comparative quarter was the result of:

•an increase in the aggregate of realized gains (losses) and fair value changes in trading securities and funds held of $196 million, primarily as a result of decreases in interest rates across U.S., U.K. and European markets for the three months ended September 30, 2024 compared to increases in interest rates in the comparative quarter;

•net unrealized gains on fixed income securities, AFS of $116 million in the current quarter compared to net unrealized losses of $63 million in the comparative quarter primarily driven by decreases in interest rates in the quarter; and

•an increase in the gain from fair value changes in other investments, including equities of $44 million, primarily driven by a favorable variance in relation to embedded derivatives pertaining to assets backing one of our LPT portfolios and increases in the gains from our hedge funds, publicly traded equities and infrastructure funds. This is partially offset by losses from CLO equities.

Nine Months Ended September 30, 2024 versus 2023: The net increase of $340 million when comparing the aggregate of fair value changes, realized gains (losses) and unrealized gains on fixed maturities, AFS for the nine months ended September 30, 2024 to the comparative period was the result of:

•an increase in the aggregate of net realized gains (losses) and fair value changes on trading securities and funds held of $184 million, as a result of decreases in U.S. interest rates during the nine months ended September 30, 2024 compared to increases in interest rates in the comparative period;

•an increase in the net unrealized gains on fixed income securities, AFS of $105 million primarily driven by U.S. interest rate decreases in the current period; and

•an increase in the gain on fair value changes from other investments, including equities, of $51 million, primarily driven by our privately held equities, hedge funds, fixed income funds, private equity funds and infrastructure funds relative to the comparative period, partially offset by decreased gains on publicly traded equities, CLO

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 76

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

equities, private debt, real estate funds and an unfavorable variance in the fair value change of an embedded derivative related to the assets supporting on of our LPTs.

(Loss) income from equity method investments

The below charts are in millions of U.S. dollars.

Three Months Ended September 30, 2024 versus 2023: The variance of $13 million is driven by an increase in the losses from our investment in Monument Re of $22 million, partially offset by an increase in the income from our investment in Core Specialty of $10 million.

Nine Months Ended September 30, 2024 versus 2023: The variance of $51 million is driven by an increase in losses from our investment in Monument Re of $72 million, partially offset by an increase in income from our investment in Core Specialty of $26 million.

Investable Assets

Investable assets and adjusted investable assets* decreased by 2.1% and 3.3%, respectively, from December 31, 2023 to September 30, 2024, primarily due to the impact of net paid losses, partially offset by consideration received from transactions closed in the period, investment income and fair value changes in our fixed maturities.

*Non-GAAP measure; refer to "Non-GAAP Financial Measures" section for reconciliation to the applicable GAAP financial measures.

Duration and average credit rating on fixed maturities, cash and cash equivalents and fixed maturities included in funds held - directly managed

The fair value, duration and average credit rating of investments is as follows:

September 30, 2024

December 31, 2023

Fair Value ($) (1)

Average Duration (in years) (2)

Average Credit Rating (3)

Fair Value ($) (1)

Average Duration (in years) (2)

Average Credit Rating (3)

Total

$

9,969

3.89

A+

$

10,320

4.04

A+

(1) The fair value by segment of our fixed maturities, cash and cash equivalents and fixed maturities included in funds held-directly managed portfolios does not include the carrying value of cash and cash equivalents within our funds held-directly managed portfolios.

(2) The average duration calculation includes cash and cash equivalents, short-term investments and fixed maturities, as well as the fixed maturities and cash and cash equivalents within our funds held-directly managed portfolios.

(3) The average credit rating calculation includes cash and cash equivalents, short-term investments, fixed maturities and the fixed maturities within our funds held - directly managed portfolios.

The overall decrease in the balance of our fixed maturities and cash and cash equivalents of $351 million when comparing September 30, 2024 to December 31, 2023 was primarily driven by net paid losses which outpaced the impact of new business for the period.

As of both September 30, 2024 and December 31, 2023, our fixed maturities and cash and cash equivalents had an average credit quality rating of A+.

As of September 30, 2024 and December 31, 2023, our fixed maturities that were non-investment grade (i.e. rated lower than BBB- and non-rated securities) comprised $496 million, or 5.6%, and $456 million, or 4.8%, of our total fixed maturities portfolio, respectively.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 77

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Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

General and Administrative Expenses for the Three and Nine Months Ended September 30, 2024 and 2023

The below charts are in millions of U.S. dollars.

Three Months Ended September 30, 2024 versus 2023: The $19 million increase was primarily driven by higher salaries and benefits expenses due to a share-based compensation settlement of a departing executive, inflation and other staff related costs, as well as higher legal fees primarily due to merger related costs.

Nine Months Ended September 30, 2024 versus 2023: The $30 million increase was primarily driven by higher salaries and benefits expenses due to a share-based compensation settlement of a departing executive, inflation and other staff related costs, as well as higher legal fees primarily due to merger related costs.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 78

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

Non-GAAP Financial Measures

In addition to our key financial measures presented in accordance with GAAP, we present other non-GAAP financial measures that we use to manage our business, compare our performance against prior periods and against our peers, and as performance measures in our incentive compensation program.

These non-GAAP financial measures provide an additional view of our operational performance over the long-term and provide the opportunity to analyze our results in a way that is more aligned with the manner in which our management measures our underlying performance.

The presentation of these non-GAAP financial measures, which may be defined and calculated differently by other companies, is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Some of the adjustments reflected in our non-GAAP measures are recurring items, such as the exclusion of adjustments to net realized (gains)/losses and fair value changes on fixed maturity investments recognized in our statements of operations, the fair value of certain of our loss reserve liabilities for which we have elected the fair value option, and the amortization of fair value adjustments.

Management makes these adjustments in assessing our performance so that the changes in fair value due to interest rate movements, which are applied to some but not all of our assets and liabilities as a result of preexisting accounting elections, do not impair comparability across reporting periods.

It is important for the readers of our periodic filings to understand that these items will recur from period to period.

However, we exclude these items for the purpose of presenting a comparable view across reporting periods of the impact of our underlying claims management and investments without the effect of interest rate fluctuations on assets that we anticipate to hold to maturity and non-cash changes to the fair value of our reserves.

Similarly, our non-GAAP measures reflect the exclusion of certain items that we deem to be nonrecurring, unusual or infrequent when the nature of the charge or gain is such that it is not reasonably likely that such item may recur within two years, nor was there a similar charge or gain in the preceding two years. This includes adjustments related to bargain purchase gains on acquisitions of businesses, net gains or losses on sales of subsidiaries, net assets of held for sale or disposed subsidiaries classified as discontinued operations and other items that we separately disclose.

The following table presents more information on each non-GAAP measure. The results and GAAP reconciliations for these measures are set forth further below.

Non-GAAP Measure

Definition

Purpose of Non-GAAP Measure over GAAP Measure

Fully diluted book value per ordinary share

Total Enstar ordinary shareholders' equity Divided by Number of ordinary shares outstanding, adjusted for: -the ultimate effect of any dilutive securities (which include restricted shares, restricted share units, directors’ restricted share units, performance share units and JSOP shares(1)) on the number of ordinary shares outstanding

Increases the number of ordinary shares to reflect the exercise of equity awards granted but not yet vested as, over the long term, this presents both management and investors with a more economically accurate measure of the realizable value of shareholder returns by factoring in the impact of share dilution. We use this non-GAAP measure in our incentive compensation program.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 79

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

Non-GAAP Measure

Definition

Purpose of Non-GAAP Measure over GAAP Measure

Adjusted return on equity (%)

Adjusted operating income (loss) attributable to Enstar ordinary shareholders divided by adjusted opening Enstar ordinary shareholder's equity

Calculating the operating income (loss) as a percentage of our adjusted opening Enstar ordinary shareholders' equity provides a more consistent measure of the performance of our business by enabling comparison between the financial periods presented. We eliminate the impact of fair value changes and net realized (gains) losses on fixed maturities and funds held-directly managed and the change in fair value of insurance contracts for which we have elected the fair value option, as:  •we typically hold most of our fixed maturities until the earlier of maturity or the time that they are used to fund any settlement of related liabilities which are generally recorded at cost; and  •removing the fair value option improves comparability since there are limited acquisition years for which we elected the fair value option.   Therefore, we believe that excluding their impact on our net income improves comparability of our core operational performance across periods.     We include fair value adjustments as non-GAAP adjustments to the adjusted operating income (loss) attributable to Enstar ordinary shareholders as they are non-cash charges that are not reflective of the impact of our claims management strategies on our loss portfolios.  We eliminate the impact of any goodwill impairment charges as they occur infrequently and their elimination improves comparability between periods. We eliminate the impact of expenses related to the Merger Agreement as we deem these to be out of the ordinary course of business and to help provide a more accurate measure of performance across periods. We eliminate the net gain (loss) on the purchase and sales of subsidiaries and net income from discontinued operations, as these items are not indicative of our ongoing operations.    We use this non-GAAP measure in our incentive compensation program.

Adjusted operating income (loss) attributable to Enstar ordinary shareholders (numerator)

Net income (loss) attributable to Enstar ordinary shareholders, adjusted for: -fair value changes and net realized (gains) losses on fixed maturities and funds held-directly managed, -change in fair value of insurance contracts for which we have elected the fair value option (2), -amortization of fair value adjustments, -net gain/loss on purchase and sales of subsidiaries (if any) -net income from discontinued operations (if any), -goodwill impairment charges -expenses related to the Merger Agreement -tax effects of adjustments, and -adjustments attributable to noncontrolling interests

Adjusted opening Enstar ordinary shareholders' equity (denominator)

Opening Enstar ordinary shareholders' equity, less: -fair value changes on fixed maturities and funds held-directly managed, -fair value of insurance contracts for which we have elected the fair value option (2), -fair value adjustments, and -net assets of held for sale or disposed subsidiaries classified as discontinued operations (if any)

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 80

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

Non-GAAP Measure

Definition

Purpose of Non-GAAP Measure over GAAP Measure

Adjusted run-off liability earnings (%)

Adjusted PPD divided by average adjusted net loss reserves.

Calculating the RLE as a percentage of our adjusted average net loss reserves provides a more meaningful and comparable measurement of the impact of our claims management strategies on our loss portfolios across acquisition years and also to our overall financial periods.     We use this measure to evaluate the impact of our claims management strategies because it provides visibility into our ability to settle our claims obligations for amounts less than our initial estimate at the point of acquiring the obligations.         The following components of periodic recurring net incurred losses and LAE and net loss reserves are not considered key components of our claims management performance for the following reasons:  •Prior to the settlement of the contractual arrangements, the results of our Legacy Underwriting segment were economically transferred to a third party primarily through use of reinsurance and a Capacity Lease Agreement(4); as such, the results were not a relevant contribution to Adjusted RLE, which is designed to analyze the impact of our claims management strategies(3);   •The change in fair value of insurance contracts for which we have elected the fair value option(2) has been removed to support comparability between the two acquisition years for which we elected the fair value option in reserves assumed and the acquisition years for which we did not make this election (specifically, this election was only made in the 2017 and 2018 acquisition years and the election of such option is irrevocable); and •The amortization of fair value adjustments are non-cash charges that obscure our trends on a consistent basis. We include our performance in managing claims and estimated future expenses on our defendant A&E liabilities because such performance is relevant to assessing our claims management strategies even though such liabilities are not included within the loss reserves. We use this measure to assess the performance of our claim strategies and part of the performance assessment of our past acquisitions.

Adjusted prior period development (numerator)

Prior period net incurred losses and LAE, adjusted to: Remove: -Legacy Underwriting(3) operations -amortization of fair value adjustments, -change in fair value of insurance contracts for which we have elected the fair value option (2), and Add: -the reduction/(increase) in estimates of net ultimate liabilities and reduction in estimated future expenses of our defendant A&E liabilities.

Adjusted net loss reserves (denominator)

Net losses and LAE, adjusted to: Remove: -Legacy Underwriting(3) net loss reserves -current period net loss reserves -net fair value adjustments associated with the acquisition of companies, -the fair value adjustments for contracts for which we have elected the fair value option (2) and Add: -net nominal defendant A&E liability exposures and estimated future expenses.

Adjusted total investment return (%)

Adjusted total investment return (dollars) recognized in net income for the applicable period divided by period average adjusted total investable assets.

Provides a key measure of the return generated on the capital held in the business and is reflective of our investment strategy. Provides a consistent measure of investment returns as a percentage of all assets generating investment returns. We adjust our investment returns to eliminate the impact of the change in fair value of fixed maturities (both credit spreads and interest rates), as we typically hold most of these investments until the earlier of maturity or used to fund any settlement of related liabilities which are generally recorded at cost.

Adjusted total investment return ($) (numerator)

Total investment return (dollars), adjusted for: -fair value changes in fixed maturities, trading and funds held-directly managed; and -unrealized (gains) losses on fixed maturities, AFS included within OCI, net of reclassification adjustments and excluding foreign exchange.

Adjusted average aggregate total investable assets (denominator)

Total average investable assets, adjusted for: -net unrealized (gains) losses on fixed maturities, AFS included within AOCI -fair value changes on fixed maturities, trading and funds held - directly managed

(1) The JSOP award became dilutive for the first time for the three and nine months ended September 30, 2024 and therefore had not been previously identified as a component of this non-GAAP measure. However, its inclusion is consistent with the effect of all other potentially dilutive securities. Refer to Note 16 - "Earnings Per Share" for more detail.

(2) Comprises the discount rate and risk margin components.

(3) As of January 1, 2024, not applicable. Refer to Note 4 - "Segment Information" for more detail.

(4) The reinsurance contractual arrangements (including the Capacity Lease Agreement) described in Note 6 to our consolidated financial statements included within in our Annual Report on Form 10-K for the year ended December 31, 2023 were settled during the second quarter of 2023, and we did not record any transactions in the Legacy Underwriting segment in 2023.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 81

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

Reconciliation of GAAP to Non-GAAP Measures

The table below presents a reconciliation of BVPS to Fully Diluted BVPS*:

			September 30, 2024																		December 31, 2023
			Equity (1)						Ordinary Shares						Per Share Amount						Equity (1)						Ordinary Shares						Per Share Amount
			(in millions of U.S. dollars, except share and per share data)
Book value per ordinary share			$	5,547					14,666,175						$	378.22					$	5,025					14,631,055						$	343.45
Non-GAAP adjustment:
Share-based compensation plans									288,659																		292,190
JSOP(2)									203,499																		—
Fully diluted book value per ordinary share*			$	5,547					15,158,333						$	365.94					$	5,025					14,923,245						$	336.72

(1) Equity comprises Enstar ordinary shareholders' equity, which is calculated as Enstar shareholders' equity less preferred shares ($510 million) prior to any non-GAAP adjustments.

(2) The JSOP award made to our CEO includes a condition that specifies a hurdle price ($315.53 as of January 20, 2025) compared to our market observable ordinary share price in order for the awards to vest. As of September 30, 2024, the closing share price of our ordinary shares was $321.59. As a result, the JSOP award became dilutive for the three and nine months ended September 30, 2024. Additionally, 20% of the award is dependent on a 10% compounded annual growth rate in Fully Diluted Book Value Per Share from January 1, 2020, which was also met for the three and nine months ended September 30, 2024. Refer to Note 22 to the Consolidated Financial Statements of our 2023 Form 10-K for additional information on the JSOP.

*Non-GAAP measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 82

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

The table below presents a reconciliation of ROE to Adjusted ROE* and Annualized ROE to Annualized Adjusted ROE*:

			Three Months Ended
			September 30, 2024																								September 30, 2023
			Net income (loss) (1)						Opening equity (1)						ROE						Annualized ROE						Net income (loss) (1)						Opening equity (1)						ROE						Annualized ROE
			(in millions of U.S. dollars)
Net income/Opening equity/ROE/Annualized ROE (1)			$	148					$	5,261					2.8		%				11.3		%				$	38					$	4,403					0.9		%				3.5		%
Non-GAAP adjustments:
Net realized (gains) losses on fixed maturities, AFS (2) / Cumulative fair value changes to fixed maturities, AFS (3)			(17)						411																		12						550
Fair value changes on fixed maturities, trading (2) / Fair value changes on fixed maturities, trading (3)			(38)						261																		22						337
Fair value changes on funds held - directly managed (2) / Fair value changes on funds held - directly managed (3)			(61)						131																		46						166
Change in fair value of insurance contracts for which we have elected the fair value option / Fair value of insurance contracts for which we have elected the fair value option (4)			25						(253)																		12						(312)
Amortization of fair value adjustments / Fair value adjustments			2						(98)																		4						(116)
Goodwill impairment charges			63						—																		—						—
Expenses related to the Merger Agreement			4						—																		—						—
Tax effects of adjustments (5)			2						—																		(6)						—
Adjusted net income /Adjusted opening equity/Adjusted ROE/Annualized adjusted ROE*			$	128					$	5,713					2.2		%				9.0		%				$	128					$	5,028					2.5		%				10.2		%

(1) Net income (loss) comprises net income (loss) attributable to Enstar ordinary shareholders, prior to any non-GAAP adjustments. Opening equity comprises Enstar ordinary shareholders' equity, which is calculated as opening Enstar shareholders' equity less preferred shares ($510 million), prior to any non-GAAP adjustments.

(2) Net realized gains (losses) on fixed maturities, AFS are included in net realized gains (losses) in our unaudited condensed consolidated statements of operations. Fair value changes in our fixed maturities, trading and funds held - directly managed are included in fair value changes in trading securities, funds held and other investments in our unaudited condensed consolidated statements of operations.

(3) Our fixed maturities are held directly on our balance sheet and also within the "Funds held" balance.

(4) Comprises the discount rate and risk margin components.

(5) Represents an aggregation of the tax expense or benefit associated with the specific country to which the pre-tax adjustment relates, calculated at the applicable jurisdictional tax rate.

*Non-GAAP measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 83

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

			Nine Months Ended
			September 30, 2024																								September 30, 2023
			Net income (loss) (1)						Opening equity (1)						ROE						Annualized ROE						Net income (loss) (1)						Opening equity (1)(2)						ROE						Annualized ROE
			(in millions of U.S. dollars)
Net income/Opening equity/ROE (1)			$	393					$	5,025					7.8		%				10.4		%				$	483					$	4,464					10.8		%				14.4		%
Non-GAAP adjustments:
Net realized (gains) losses on fixed maturities, AFS (2) / Cumulative fair value changes to fixed maturities, AFS (3)			(2)						380																		55						647
Fair value changes on fixed maturities, trading (3) / Fair value changes on fixed maturities, trading (4)			(8)						234																		24						400
Fair value changes on funds held - directly managed (3) / Fair value changes on funds held - directly managed (4)			(46)						111																		49						780
Change in fair value of insurance contracts for which we have elected the fair value option / Fair value of insurance contracts for which we have elected the fair value option (5)			17						(246)																		24						(294)
Amortization of fair value adjustments / Fair value adjustments			11						(107)																		13						(124)
Goodwill impairment charges			63						—																		—						—
Expenses related to the Merger Agreement			4						—																		—						—
Tax effects of adjustments (6)			(3)						—																		(12)						—
Adjustments attributable to noncontrolling interests (7)			—						—																		(2)						—
Adjusted net income /Adjusted opening equity/Adjusted ROE*			$	429					$	5,397					7.9		%				10.6		%				$	634					$	5,873					10.8		%				14.4		%

(1) Net income (loss) comprises net income (loss) attributable to Enstar ordinary shareholders, prior to any non-GAAP adjustments. Opening equity comprises Enstar ordinary shareholders' equity, which is calculated as opening Enstar shareholders' equity less preferred shares ($510 million), prior to any non-GAAP adjustments.

(2) Enstar ordinary shareholders’ equity as of December 31, 2022 has been retrospectively adjusted for the impact of adopting the accounting standard related to accounting for long-duration contracts. Refer to Note 9 to our unaudited condensed consolidated financial statements for further information.

(3) Net realized gains (losses) on fixed maturities, AFS are included in net realized gains (losses) in our unaudited condensed consolidated statements of operations. Fair value changes in our fixed maturities, trading and funds held - directly managed are included in fair value changes in trading securities, funds held and other investments in our unaudited condensed consolidated statements of operations.

(4) Our fixed maturities are held directly on our balance sheet and also within the "Funds held" balance.

(5) Comprises the discount rate and risk margin components.

(6) Represents an aggregation of the tax expense or benefit associated with the specific country to which the pre-tax adjustment relates, calculated at the applicable jurisdictional tax rate.

(7) Represents the impact of the adjustments on net income (loss) attributable to noncontrolling interests associated with the specific subsidiaries to which the adjustments relate.

*Non-GAAP measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 84

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

The tables below present a reconciliation of RLE to Adjusted RLE*:

			Three Months Ended																		As of																		Three Months Ended
			September 30, 2024																		September 30, 2024						June 30, 2024						September 30, 2024						September 30, 2024
			RLE / PPD																		Net loss reserves						Net loss reserves						Average net loss reserves						RLE %
			(in millions of U.S. dollars)
PPD/net loss reserves/RLE %			$	9																	$	10,610					$	10,518					$	10,564					0.1		%
Non-GAAP adjustments:
Net loss reserves incurred in the current period			—																		(15)						(9)						(12)
Amortization of fair value adjustments / Net fair value adjustments associated with the acquisition of companies			2																		96						98						97
Changes in fair value - fair value option / Net fair value adjustments for contracts for which we have elected the fair value option (1)			25																		232						253						243
Change in estimate of net ultimate liabilities - defendant A&E / Net nominal defendant A&E liabilities			—																		479						497						488
Reduction in estimated future expenses - defendant A&E / Estimated future expenses - defendant A&E			1																		30						31						30
Adjusted PPD/Adjusted net loss reserves/Adjusted RLE %*			$	37																	$	11,432					$	11,388					$	11,410					0.3		%

(1) Comprises the discount rate and risk margin components.

*Non-GAAP measure.

			Three Months Ended																		As of																		Three Months Ended
			September 30, 2023																		September 30, 2023						June 30, 2023						September 30, 2023						September 30, 2023
			RLE / PPD																		Net loss reserves						Net loss reserves						Average net loss reserves						RLE %
			(in millions of U.S. dollars)
PPD/net loss reserves/RLE %			$	15																	$	12,155					$	12,939					$	12,547					0.1		%
Non-GAAP adjustments:
Net loss reserves incurred in the current period			—																		(15)						(11)						(13)
Amortization of fair value adjustments / Net fair value adjustments associated with the acquisition of companies			4																		112						116						114
Changes in fair value - fair value option / Net fair value adjustments for contracts for which we have elected the fair value option (1)			12																		292						312						302
Change in estimate of net ultimate liabilities - defendant A&E / Net nominal defendant A&E liabilities			—																		533						550						542
Reduction in estimated future expenses - defendant A&E / Estimated future expenses - defendant A&E			1																		33						34						33
Adjusted PPD/Adjusted net loss reserves/Adjusted RLE %*			$	32																	$	13,110					$	13,940					$	13,525					0.2		%

(1) Comprises the discount rate and risk margin components.

*Non-GAAP measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 85

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

						Nine Months Ended						As of																		Nine Months Ended
						September 30, 2024						September 30, 2024						December 31, 2023						September 30, 2024						September 30, 2024
						RLE / PPD						Net loss reserves												Net loss reserves						Average net loss reserves						RLE %
						(in millions of U.S. dollars)
PPD/net loss reserves/RLE/Annualized RLE						$	95					$	10,610											$	11,585					$	11,098					0.9		%
Non-GAAP adjustments:
Net loss reserves - current period						—						(15)												—						(8)
Amortization of fair value adjustments / Net fair value adjustments associated with the acquisition of companies						11						96												107						102
Changes in fair value - fair value option / Net fair value adjustments for contracts for which we have elected the fair value option (1)						17						232												246						239
Change in estimate of net ultimate liabilities - defendant A&E / Net nominal defendant A&E liabilities						—						479												527						503
Reduction in estimated future expenses - defendant A&E / Estimated future expenses - defendant A&E						3						30												33						32
Adjusted PPD/Adjusted net loss reserves/Adjusted RLE/Annualized Adjusted RLE*						$	126					$	11,432											$	12,498					$	11,966					1.1		%

(1) Comprises the discount rate and risk margin components.

*Non-GAAP measure.

						Nine Months Ended						As of																		Nine Months Ended
						September 30, 2023						September 30, 2023									December 31, 2022						September 30, 2023									September 30, 2023
						RLE / PPD						Net loss reserves									Net loss reserves						Average Net loss reserves									RLE %
						(in millions of U.S. dollars)
PPD/net loss reserves/RLE/Annualized RLE						$	35					$	12,155								$	12,011					$	12,083								0.3		%
Non-GAAP adjustments:
Net loss reserves - current period						—						(15)									—						(8)
Legacy Underwriting						—						—									(139)						(69)
Amortization of fair value adjustments / Net fair value adjustments associated with the acquisition of companies						13						112									124						118
Changes in fair value - fair value option / Net fair value adjustments for contracts for which we have elected the fair value option (1)						24						292									294						293
Change in estimate of net ultimate liabilities - defendant A&E / Net nominal defendant A&E liabilities						2						533									572						553
Reduction in estimated future expenses - defendant A&E / Estimated future expenses - defendant A&E						2						33									35						34
Adjusted PPD/Adjusted net loss reserves/Adjusted RLE/Annualized Adjusted RLE*						$	76					$	13,110								$	12,897					$	13,004								0.6		%

(1) Comprises the discount rate and risk margin components.

*Non-GAAP measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 86

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

The tables below present a reconciliation of our Annualized TIR to our Annualized Adjusted TIR*:

			Three Months Ended
			September 30,
			2024																		2023
			Fixed Income						Other Investments						Total						Fixed Income						Other Investments						Total
			(in millions of U.S. dollars)
Net investment income			$	134					$	29					$	163					$	128					$	15					$	143
Net realized gains (losses)
Fixed maturities, AFS			17						—						17						(12)						—						(12)
Net realized gains (losses)			17						—						17						(12)						—						(12)
Fair value changes
Fixed maturities, trading			38						—						38						(22)						—						(22)
Funds held			61						—						61						(46)						—						(46)
Equity securities			—						26						26						—						17						17
Other investments			—						93						93						—						68						68
Investment derivatives			—						11						11						—						1						1
Fair value changes			99						130						229						(68)						86						18
Loss from equity method investments			—						(16)						(16)						—						(3)						(3)
Other comprehensive income:
Unrealized gains (losses) on fixed maturities, AFS, net of reclassification adjustments excluding foreign exchange			116						—						116						(63)						—						(63)
TIR ($)			$	366					$	143					$	509					$	(15)					$	98					$	83
Non-GAAP adjustments:
Net realized (gains) losses on fixed maturities, AFS and fair value changes in trading and funds held - directly managed			(116)						—						(116)						80						—						80
Net unrealized (gains) losses on fixed maturities, AFS, net of reclassification adjustments excluding foreign exchange			(116)						—						(116)						63						—						63
Adjusted TIR ($)*			$	134					$	143					$	277					$	128					$	98					$	226
Total investments			$	11,586					$	5,235					$	16,821					$	12,783					$	4,927					$	17,710
Cash and cash equivalents, including restricted cash and cash equivalents			1,036						—						1,036						884						—						884
Total investable assets			$	12,622					$	5,235					$	17,857					$	13,667					$	4,927					$	18,594
Average aggregate invested assets, at fair value (1)			12,513						5,202						17,715						14,085						4,866						18,951
Annualized TIR % (2)			11.7		%				11.0		%				11.5		%				(0.4)		%				8.1		%				1.8		%
Non-GAAP adjustment:
Net unrealized losses on fixed maturities, AFS included within AOCI and fair value changes on fixed maturities, trading and funds held - directly managed			487						—						487						1,222						—						1,222
Adjusted investable assets*			$	13,109					$	5,235					$	18,344					$	14,889					$	4,927					$	19,816
Adjusted average aggregate invested assets, at fair value* (3)			$	13,158					$	5,202					$	18,360					$	15,223					$	4,866					$	20,089
Annualized adjusted TIR %* (4)			4.1		%				11.0		%				6.0		%				3.4		%				8.1		%				4.5		%
Annualized income from fixed income assets (5)			580						—						580						536						—						536
Average aggregate fixed income assets, at cost (5)(6)			13,143						—						13,143						15,201						—						15,201
Annualized Investment book yield (7)			4.41		%				—		%				4.41		%				3.53		%				—		%				3.53		%

(1) This amount is a two period average of the total investable assets, as presented above, and is comprised of amounts disclosed in our quarterly and annual U.S. GAAP consolidated financial statements.

(2) Annualized TIR % is calculated by dividing the annualized TIR ($) by average aggregate invested assets, at fair value.

(3) This amount is a two period average of the adjusted investable assets*, as presented above.

(4) Annualized adjusted TIR %* is calculated by dividing the annualized adjusted TIR* ($) by adjusted average aggregate invested assets, at fair value*.

(5) Fixed income assets include fixed maturities and cash and restricted cash, and funds held by reinsured companies.

(6) These amounts are a two period average of the amounts disclosed in our quarterly and annual U.S. GAAP consolidated financial statements.

(7) Annualized investment book yield % is calculated by dividing the annualized income from fixed income assets by average aggregate fixed income assets, at cost.

*Non-GAAP measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 87

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Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures

			Nine Months Ended
			September 30, 2024																		September 30, 2023
			Fixed Income						Other Investments						Total						Fixed Income						Other Investments						Total
			(in millions of U.S. dollars)
Net investment income			$	410					$	68					$	478					$	409					$	62					$	471
Net realized gains (losses)
Fixed maturities, AFS			2						—						2						(55)						—						(55)
Net realized gains (losses)			2						—						2						(55)						—						(55)
Fair value changes
Fixed maturities, trading			8						—						8						(24)						—						(24)
Funds held			46						—						46						(49)						—						(49)
Equity securities			—						98						98						—						109						109
Other investments			—						238						238						—						180						180
Investment derivatives			—						10						10						—						6						6
Fair value changes			54						346						400						(73)						295						222
(Loss) income from equity method investments			—						(29)						(29)						—						22						22
Other comprehensive income:
Unrealized gains on fixed maturities, AFS, net of reclassification adjustments excluding foreign exchange			107						—						107						2						—						2
TIR ($)			$	573					$	385					$	958					$	283					$	379					$	662
Non-GAAP adjustments:
Net realized (gains) losses on fixed maturities, AFS and fair value changes in trading and funds held - directly managed			(56)						—						(56)						128						—						128
Net unrealized gains on fixed maturities, AFS, net of reclassification adjustments excluding foreign exchange			(107)						—						(107)						(2)						—						(2)
Adjusted TIR ($)*			$	410					$	385					$	795					$	409					$	379					$	788
Total investments			$	11,586					$	5,235					$	16,821					$	12,783					$	4,927					$	17,710
Cash and cash equivalents, including restricted cash and cash equivalents			1,036						—						1,036						884						—						884
Total investable assets			$	12,622					$	5,235					$	17,857					$	13,667					$	4,927					$	18,594
Average aggregate invested assets, at fair value (1)			12,774						5,094						17,868						13,782						4,902						18,684
Annualized TIR % (2)			6.0		%				10.1		%				7.1		%				2.7		%				10.3		%				4.7		%
Non-GAAP adjustment:
Net unrealized losses on fixed maturities, AFS included within AOCI and fair value changes on fixed maturities, trading and funds held - directly managed			487						—						487						1,222						—						1,222
Adjusted investable assets*			$	13,109					$	5,235					$	18,344					$	14,889					$	4,927					$	19,816
Adjusted average aggregate invested assets, at fair value* (3)			$	13,475					$	5,094					$	18,569					$	15,053					$	4,902					$	19,955
Annualized adjusted TIR %* (4)			4.1		%				10.1		%				5.7		%				3.6		%				10.3		%				5.3		%
Annualized income from fixed income assets (5)			585						—						585						564						—						564
Average aggregate fixed income assets, at cost (5)(6)			13,456						—						13,456						15,101						—						15,101
Annualized Investment book yield (7)			4.35		%				—		%				4.35		%				3.73		%				—		%				3.73		%

(1) This amount is a four period average of the total investable assets, as presented above, and is comprised of amounts disclosed in our first and second quarterly and our annual U.S. GAAP consolidated financial statements.

(2) Annualized TIR % is calculated by dividing the annualized TIR ($) by average aggregate invested assets, at fair value.

(3) This amount is a four period average of the adjusted investable assets*, as presented above.

(4) Annualized adjusted TIR %* is calculated by dividing the annualized adjusted TIR* ($) by adjusted average aggregate invested assets, at fair value*.

(5) Fixed income assets include fixed maturities and cash and restricted cash, and funds held by reinsured companies.

(6) These amounts are a four period average of the amounts disclosed in our first and second quarterly and our annual U.S. GAAP consolidated financial statements.

(7) Annualized investment book yield % is calculated by dividing the annualized income from fixed income assets by average aggregate fixed income assets, at cost.

*Non-GAAP measure.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 88

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment

Results of Operations by Segment - For the Three and Nine Months Ended September 30, 2024 and 2023

Effective January 1, 2024, our business is organized into two reportable segments: (i) Run-off and (ii) Investments. In addition, our Corporate and other activities, which do not qualify as an operating segment, include income and expense items that are not directly attributable to our reportable segments and activities from the former Assumed Life and Legacy Underwriting reportable segments.

Effective January 1, 2024, Assumed Life and Legacy Underwriting are no longer reportable segments as they ceased all business activities following the series of commutation and novation transactions in Enhanzed Re and the settlement of the arrangements between SGL No. 1, Arden, and Atrium. Any residual activities of the former Assumed Life and Legacy Underwriting reportable segments will be prospectively included within our Corporate and other activities (all of which are expected to be immaterial). See Note 4 to the consolidated financial statements for additional information.

The following is a discussion of our results of operations by segment.

Run-off Segment

The following is a discussion and analysis of the results of operations for our Run-off segment.

			Three Months Ended																								Nine Months Ended
			September 30,												$ Change												September 30,												$ Change
			2024						2023															2024						2023
			(in millions of U.S. dollars)
REVENUES
Net premiums earned			$	11					$	14					$	(3)											$	27					$	29					$	(2)
Other income:
Reduction in estimates of net ultimate defendant A&E liabilities - prior periods			—						—						—												—						2						(2)
Reduction in estimated future defendant A&E expenses			1						1						—												3						2						1
All other income			4						—						4												8						7						1
Total other income			5						1						4												11						11						—
Total revenues			16						15						1												38						40						(2)
EXPENSES
Net incurred losses and LAE:
Current period			6						5						1												15						18						(3)
Prior periods:
Reduction in estimates of net ultimate losses			(15)						(12)						(3)												(63)						(35)						(28)
Reduction in provisions for ULAE			(21)						(19)						(2)												(60)						(37)						(23)
Total prior periods			(36)						(31)						(5)												(123)						(72)						(51)
Total net incurred losses and LAE			(30)						(26)						(4)												(108)						(54)						(54)
Acquisition costs			4						—						4												6						6						—
Goodwill impairment			63						—						63												63						—						63
General and administrative expenses			49						44						5												139						130						9
Total expenses			86						18						68												100						82						18
SEGMENT NET LOSS			$	(70)					$	(3)					$	(67)											$	(62)					$	(42)					$	(20)

Overall Results

Three Months Ended September 30, 2024 versus 2023: Net loss from our Run-off segment was $70 million compared to a net loss of $3 million in the comparative quarter, primarily due to:

•Goodwill impairment of $63 million for the three months ended September 30, 2024 as referenced above; partially offset by

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 89

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment | Run-off Segment

•A $5 million increase in favorable PPD in the current quarter, mainly driven by a $3 million increase in the reduction in estimates of net ultimate losses. The primary drivers within the respective periods consisted of the following:

◦During the third quarter of 2024, we recognized favorable development on our workers’ compensation and professional indemnity/directors and officers lines of business of $22 million and $19 million, respectively, driven by favorable claims experience. The results were partially offset by adverse development on our general casualty and asbestos lines of business of $7 million, and $6 million, respectively, as a result of adverse claims experience.

◦In comparison, during the third quarter of 2023, we recognized favorable development on our workers’ compensation, property, marine, aviation and transit lines of business of $24 million, $17 million, and $13 million, respectively, as a result of claims experience. The results were partially offset by adverse development on our general casualty line of business of $41 million, primarily due to a small number of large losses across several portfolios, particularly on excess business.

Nine Months Ended September 30, 2024 versus 2023: Net loss from our Run-off segment was $62 million compared to net loss of $42 million in the comparative period, primarily due to:

•Goodwill impairment of $63 million for the period as referenced above; partially offset by

•A $51 million increase in favorable PPD, mainly driven by a $28 million increase in the reduction in estimates of net ultimate losses and a $23 million increase in the release of ULAE provisions relative to the comparative period. The primary drivers within the respective periods consisted of the following:

◦The prior period reduction in estimates of net ultimate losses was primarily driven by favorable development across multiple lines of business. We recognized $60 million, $26 million and $21 million of favorable development on our professional indemnity/ directors and officers, workers’ compensation and construction defect lines of business, respectively, as a result of claims experience, as well as $19 million of favorable development on our asbestos line of business resulting from favorable resolution of asbestos liabilities through claim actions. This was partially offset by adverse development on our general casualty line of business of $24 million driven by claims experience and adverse development on our environmental line of business of $25 million due to results from actuarial reviews during the period.

◦In comparison, during the nine months ended September 30, 2023, the prior period reduction in estimates of net ultimate losses of $35 million was driven by net favorable development across multiple lines of business. We recognized favorable development on our workers’ compensation, property, and professional indemnity/ directors and officers lines of business as a result of $44 million, $16 million and $10 million respectively, as a result of claims experience. The results were partially offset by $37 million of adverse development in our general casualty line of business, primarily due to a small number of large losses across several portfolios, particularly on excess business.

◦The favorable reductions in provisions for ULAE for the nine months ended September 30, 2024 and 2023 were driven by corresponding reductions in loss reserves and the associated estimated cost of managing such liabilities. The reduction in provisions for ULAE for the nine months ended September 30, 2023 was partially offset by an increase of $21 million as a result of assuming active claims control on a 2022 LPT agreement with Argo.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 90

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment | Investments Segment

Investments Segment

The following is a discussion and analysis of the results of operations for our Investments segment.

			Three Months Ended																								Nine Months Ended
			September 30,												$ Change												September 30,												$ Change
			2024						2023															2024						2023
			(in millions of U.S. dollars)
REVENUES
Net investment income:
Fixed maturities			$	137					$	120					$	17											$	416					$	396					$	20
Cash and restricted cash			8						14						(6)												23						27						(4)
Other investments, including equities			29						15						14												68						62						6
Less: Investment expenses			(11)						(6)						(5)												(29)						(14)						(15)
Total net investment income			163						143						20												478						471						7
Net realized gains (losses):
Fixed maturities			17						(12)						29												2						(55)						57
Total net realized gains (losses)			17						(12)						29												2						(55)						57
Fair value changes in:
Fixed maturities, trading and funds held			99						(68)						167												54						(73)						127
Other investments, including equities			130						86						44												346						295						51
Total fair value changes in trading securities, funds held and other investments			229						18						211												400						222						178
Total revenues			409						149						260												880						638						242
EXPENSES
General and administrative expenses			9						12						(3)												29						33						(4)
Total expenses			9						12						(3)												29						33						(4)
(Loss) income from equity method investments			(16)						(3)						(13)												(29)						22						(51)
SEGMENT NET INCOME			$	384					$	134					$	250											$	822					$	627					$	195

Overall Results

Three Months Ended September 30, 2024 versus 2023: Net income from our Investments segment was $384 million for the three months ended September 30, 2024 compared to $134 million for the three months ended September 30, 2023. The increase of $250 million was primarily due to:

•an increase in the aggregate of net realized gains (losses) and gains from fair value changes in fixed maturities, trading and funds held of $196 million, primarily as a result of decreases in interest rates across U.S., U.K. and European markets in the current period, compared to increases in interest rates in the comparative quarter;

•an increase in the gain from fair value changes in other investments, including equities of $44 million, primarily driven by a favorable variance in relation to an embedded derivative related to the assets supporting one of our LPT portfolios and increases in the gains from our hedge funds, publicly traded equities and infrastructure funds. This is partially offset by losses from CLO equities; and

•an increase in our net investment income of $20 million due to an increase of net investment income on our fixed maturities as a result of a higher book yield, an increase in the income earned from funds held assets and an increase in dividend income earned on our privately held equities, partially offset by an increase in investment expenses primarily due to increased performance fees.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 91

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment | Investments Segment

Nine Months Ended September 30, 2024 versus 2023: Net income from our Investments segment was $822 million for the nine months ended September 30, 2024 compared to $627 million for the nine months ended September 30, 2023. The increase of $195 million was primarily due to:

•an increase in the aggregate of net realized gains (losses) and gains from fair value changes in fixed maturities, trading and funds held of $184 million, as a result of decreases in U.S. interest rates during the nine months ended September 30, 2024 compared to increases in interest rates in the comparative period;

•an increase in the gain on fair value changes from other investments, including equities of $51 million, primarily driven by our privately held equities, hedge funds fixed income funds, private equity funds and infrastructure funds relative to the comparative period, partially offset by decreased gains on publicly traded equities, CLO equities, private debt, real estate funds and an unfavorable variance in the fair value change of an embedded derivative related to the assets supporting on of our LPTs; and

•an increase in our net investment income of $7 million, due to an increase of net investment income on our fixed maturities as a result of a higher book yield and an increase of net investment income on our other investments as a result of an increased allocation to private credit funds, partially offset by higher investment expenses primarily due to increased performance fees. This is partially offset by;

•a loss from equity method investments of $29 million for the current period compared to income of $22 million in the comparative period as a result of increased losses on our investment in Monument Re, partially offset by an increase in income on our investment in Core Specialty.

Total Investments

Fixed maturities

The tables below present the fair value, duration, and credit rating of our fixed maturities in our Run-off segment:

			September 30, 2024																								December 31, 2023
			Fair Value						%						Duration (years) (1)						Credit Rating (1)						Fair Value						%						Duration (years) (1)						Credit Rating (1)
			(in millions of U.S. dollars, except percentages)
Fixed maturity and short-term investments, trading and AFS
U.S. government & agency			$	444					5.0		%				4.4						AA+						$	326					3.4		%				4.5						AA+
U.K. government			52						0.6		%				10.8						A+						72						0.8		%				10.3						A+
Other government			408						4.6		%				4.7						AA						391						4.1		%				5.0						AA
Corporate			3,781						42.3		%				5.3						A-						4,131						43.5		%				5.4						A-
Municipal			119						1.3		%				7.0						AA-						142						1.5		%				7.6						AA-
Residential mortgage-backed			446						5.0		%				5.1						AA						487						5.1		%				5.2						AA
Commercial mortgage-backed			859						9.6		%				1.4						AA-						841						8.9		%				1.6						AA-
Asset-backed			851						9.5		%				1.4						A-						884						9.3		%				1.0						A
Total - Fixed maturity and short-term investments, trading and AFS			6,960						77.9		%				4.3						A						7,274						76.6		%				4.5						A
Fixed maturities included in funds held - directly managed			1,973						22.1		%				4.2						A						2,216						23.4		%				4.3						A
			$	8,933					100.0		%				4.3						A						$	9,490					100.0		%				4.4						A

(1) The average duration and average credit ratings calculation includes short-term investments, fixed maturities and the fixed maturities within our funds held-directly managed portfolios.

The overall decrease in our fixed maturities of $557 million when comparing September 30, 2024 to December 31, 2023 was primarily driven by the impact of net paid losses, partially offset by investment income and fair value changes.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 92

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment | Investments Segment

Other investments, including equities

The tables below present the composition of our other investments, including equities:

															September 30, 2024																																																									December 31, 2023
															(in millions of U.S. dollars)
Equities
Privately held equities															$	392																																																								$	344
Publicly traded equities															305																																																									275
Exchange-traded funds															74																																																									82
Warrant and others															16																																																									—
Total															$	787																																																								$	701
Other investments
Private equity funds															$	1,840																																																								$	1,617
Private credit funds															819																																																									625
Hedge funds															476																																																									491
Fixed income funds															410																																																									605
Real estate fund															383																																																									269
CLO equity funds															162																																																									182
CLO equities															50																																																									60
Equity funds															5																																																									4
Total															$	4,145																																																								$	3,853

Our equities increased by $86 million and other investments increased by $292 million from December 31, 2023 to September 30, 2024, primarily due to fair value changes and the funding of various non-core asset strategies, in line with our strategic asset allocation.

Equity Method Investments

Refer to the table below for a summary of our equity method investments, which does not include those investments we have elected to measure under the fair value option:

			As of												Three Months Ended						Nine Months Ended						As of												Three Months Ended						Nine Months Ended
			September 30, 2024												September 30, 2024												December 31, 2023												September 30, 2023
			Ownership %						Carrying Value						Income (loss) from Equity Method Investments												Ownership %						Carrying Value						Income (loss) from Equity Method Investments
			(in millions of U.S. dollars)
Citco (1)			—		%				$	—					$	—					$	—					—		%				$	—					$	1					4
Monument Re (2)			24.6		%				22						(26)						(72)						20.0		%				95						(4)						—
Core Specialty			19.5		%				269						10						44						19.9		%				225						—						18
Positive Physicians Holdings, Inc			27.0		%				12						—						(1)						27.0		%				14						—						—
									$	303					$	(16)					$	(29)											$	334					$	(3)					$	22

(1) Prior to the sale of our entire equity interest in Citco during the fourth quarter of 2023, we owned 31.9% of the ordinary shares in HH CITCO Holdings Limited which in turn owns 15.4% of the convertible preferred shares, amounting to a 6.2% interest in the total equity of Citco.

(2) As of September 30, 2024, we owned 24.6% of the common shares in Monument Re. We converted all of our preferred shares in Monument Midco to common shares in Monument Re on January 2, 2024. As of December 31, 2023, we owned 20.0% of the common shares in Monument Re as well as preferred shares in Monument Midco which had fixed dividend yields (where declared) and whose balances were included in the Investment amount.

Carrying Value

The carrying value of our equity method investments decreased from December 31, 2023 primarily due to $29 million in loss from equity method investments for the nine months ended September 30, 2024.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 93

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment | Investments Segment

(Loss) Income from Equity Method Investments

Three Months Ended September 30, 2024 and 2023:

In the current quarter, there was a loss from equity method investments of $16 million compared to a loss of $3 million for the comparative quarter. The increase was primarily due to an increase in the loss from our investment in Monument Re of $22 million relative to the comparative quarter, partially offset by an increase in the income from our investment in Core Specialty of $10 million.

Nine Months Ended September 30, 2024 and 2023:

In the nine months of 2024, there was a loss from equity method investments of $29 million compared to income of $22 million for the comparative period. The variance was primarily due to a $72 million loss in Monument Re in the current period, partially offset by an increase in our income of $26 million from our investment in Core Specialty relative to the comparative period.

Assumed Life Segment

The Assumed Life segment consisted of life and property aggregate excess of loss (catastrophe) business relating to Enhanzed Re.

During 2022, Enhanzed Re entered into a Master Agreement, through which we completed a series of commutation and novation agreements that allowed us to unwind Enhanzed Re’s operations in an orderly manner.

Transactions completed in the fourth quarter of 2022 were recognized in the first quarter of 2023, including the novation of our reinsurance of a closed block of life annuity policies to Monument Re and the repurchase of the remaining 24.9% interest in Enhanzed Re from Allianz.

Overall Results

Nine Months Ended September 30, 2023: Net income from our Assumed Life segment of $276 million for the nine months ended September 30, 2023 was primarily due to the net gain recognized on the completion of the novation of the Enhanzed Re reinsurance of a closed block of life annuity policies.

The $275 million gain calculated as of the completion date of the novation, prior to noncontrolling interests, was comprised of three components:

•the reclassification benefit to income of $363 million from AOCI related to the settlement of the novated liabilities (in accordance with our adoption of the accounting standard relating to accounting for long-duration contracts, the discount rate assumption for our long-duration liabilities was required to be periodically adjusted for changes in interest rates, which had the effect of reducing our future policyholder benefit liabilities and increasing the net assets transferred in the novation);

•the loss of $39 million on the carrying value of the net assets of $133 million as of the closing date of the transaction in exchange for cash consideration of $94 million (as noted above, the retrospective adoption of the accounting standard relating to accounting for long-duration contracts resulted in an increase in net assets which gave rise to the transactional loss prior to our realization of the $363 million reclassification benefit); and

•a deferral of a portion of the net gain, $49 million, to account for our preexisting 20% ownership interest in Monument Re, calculated from the total gain of $324 million less Allianz’s 24.9% interest equal to $81 million (the deferred gain will be amortized over the expected settlement period for the life annuity policies to account).

Our net income attributable to Enstar was further reduced by $81 million, the amount attributable to Allianz’s 24.9% noncontrolling interest in Enhanzed Re at the time of the transaction. This amount has been recorded within our “Corporate and other activities”.

For the nine months ended September 30, 2023 net income attributable to Enstar from this novation transaction was $195 million.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 94

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment | Legacy Underwriting Segment

Legacy Underwriting Segment

The former Legacy Underwriting segment previously consisted of direct underwriting activities.

Overall Results

Nine Months Ended September 30, 2023:

The Legacy Underwriting segment results comprised of SGL No.1 Limited’s (“SGL No.1”) 25% gross share of the 2020 and prior underwriting years of Atrium’s Syndicate 609 at Lloyd’s, less the impact of reinsurance agreements with Arden and a Syndicate 609 Capacity Lease Agreement with Atrium 5 Limited.

The contractual arrangements between SGL No. 1, Arden and Atrium relating to the reinsurance agreements and the Capacity Lease Agreement settled in the second quarter of 2023 for the economic benefit of Atrium, and there was no net retention by Enstar. As a result of the settlement, we did not record and do not expect to record any transactions in the Legacy Underwriting segment in 2023 and 2024, respectively.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 95

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment | Corporate and other

Corporate and other

The following is a discussion and analysis of our results of operations for our Corporate and other activities.

			Three Months Ended																								Nine Months Ended
			September 30,												$ Change												September 30,												$ Change
			2024						2023															2024						2023
			(in millions of U.S. dollars)
REVENUES
Other income:
Amortization of fair value adjustments (1)			$	(6)					$	(5)					$	(1)											$	(14)					$	(11)					$	(3)
All other income			4						1						3												5						4						1
Total revenues			(2)						(4)						2												(9)						(7)						(2)
EXPENSES
Net incurred losses and LAE - prior periods:
Amortization of fair value adjustments			2						4						(2)												11						13						(2)
Changes in fair value - fair value option (2)			25						12						13												17						24						(7)
Total net incurred losses and LAE - prior periods			27						16						11												28						37						(9)
Amortization of net deferred charge assets			27						34						(7)												86						75						11
General and administrative expenses			52						35						17												127						102						25
Total expenses			106						85						21												241						214						27
Interest expense			(22)						(22)						—												(67)						(67)						—
Net foreign exchange (losses) gains			(23)						23						(46)												(15)						24						(39)
Income tax benefit (expense)			—						7						(7)												(3)						12						(15)
Net income attributable to noncontrolling interests			(4)						(4)						—												(5)						(99)						94
Dividends on preferred shares			(9)						(9)						—												(27)						(27)						—
NET LOSS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS			$	(166)					$	(94)					$	(72)											$	(367)					$	(378)					$	11

(1) Amortization of fair value adjustments relates to the acquisition of DCo and Morse TEC.

(2) Comprises the discount rate and risk margin components.

Overall Results

Three Months Ended September 30, 2024 versus 2023: Net loss attributable to Enstar ordinary shareholders from our Corporate and other activities increased by $72 million from $94 million in the comparative quarter to $166 million for the three months ended September 30, 2024, primarily due to:

•an increase in general and administrative expenses of $17 million primarily driven by higher salaries and benefits expenses due to a share-based compensation settlement of a departing executive, inflation and other staff related costs as well as higher legal fees;

•changes in the fair value of the 2017 and 2018 portfolios where we elected the fair value option which resulted in a $25 million increase in liabilities in the quarter compared to $12 million in the comparative quarter primarily driven by a larger decrease in U.K. corporate bond yields during the third quarter of 2024 compared to the third quarter of 2023. The corporate bond yields, which form a component of the discount rate used to calculate the fair value of the liabilities, are matched to the original currencies of the underlying loss portfolios, of which GBP is the predominant currency for those portfolios that we have elected to measure at fair value using the fair value option; and

•net foreign exchange losses of $23 million for the three months ended September 30, 2024 were comprised of $19 million of exposures from foreign currency denominated assets and liabilities due to GBP and AUD strengthening against USD, as well as $4 million of losses on our non-designated foreign currency forward contracts. An offsetting foreign exchange gain of $27 million is recognized in other comprehensive income for exposure from our AFS securities. This is compared to foreign exchange gains of $23 million in the comparative quarter as a result of GBP and EUR weakening against USD.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 96

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Item 2 | Management's Discussion and Analysis | Results of Operations by Segment | Corporate and other

Nine Months Ended September 30, 2024 versus 2023: Net loss attributable to Enstar ordinary shareholders from our Corporate and other activities decreased by $11 million from $378 million in the comparative period to $367 million for the nine months ended September 30, 2024, primarily due to:

•a decrease in the net income attributable to noncontrolling interests of $94 million, which was primarily a result of attributing $81 million of the gain on novation of the Enhanzed Re reinsurance closed block of life annuity policies in the comparative quarter to the then-existing Allianz 24.9% equity interest in Enhanzed Re at the time of the transaction; partially offset by

•net foreign exchange losses of $15 million for the nine months ended September 30, 2024 were comprised of $17 million of exposures from foreign currency denominated assets and liabilities to GBP and AUD strengthening against USD, partially offset by $2 million of gains on our non-designated foreign currency forward contracts. An offsetting foreign exchange gain of $16 million is recognized in other comprehensive income for exposure from our AFS securities. This is compared to net foreign exchange gains of $24 million in the comparative period as a result of GBP and EUR weakening against USD in the period; and

•an increase in general and administrative expenses of $25 million, primarily driven by higher salaries and benefits expenses due to a share-based compensation settlement of a departing executive, inflation and other staff related costs, as well as higher legal fees.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 97

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Item 2 | Management's Discussion and Analysis | Current Outlook

Current Outlook

Run-off Outlook

Transactions

Refer to Note 3. Significant New Business and Business Acquisitions of our unaudited condensed consolidated financial statements for a summary of significant new business transactions that were signed but not yet closed as of September 30, 2024.

We have also expanded our run-off portfolio to reinsure certain property catastrophe risks written by third-party capital platforms which are funded by Insurance Linked Securities (“ILS”), whereby in July 2024, we closed on a deal to reinsure certain property coverage business written by a third-party capital platform for which Enstar received a premium of $294 million for the portfolio, which marks our first ever deal in ILS and the first solution of its type in this market.

In September 2024, we also entered into a commitment to invest $10 million in an ILS arrangement through a Bermuda based collateralized reinsurer, that will provide reinsurance capacity across a diversified portfolio of casualty programs. As part of the agreement, we earn a commitment fee in exchange for providing an exit option through a novation agreement after a fixed period of time of 7 years to deliver finality to ILS investors.

We continue to evaluate transactions in our active pipeline including LPTs, ADCs, and other transaction types including acquisitions. We seek opportunities to execute creative and accretive transactions by offering innovative capital release solutions that enable our clients to meet their capital and risk management objectives.

Should we execute additional transactions, our mix of loss reserves by line of business, asset mix and both rate and timing of earnings may be impacted in the medium to long term.

Seasonality

We complete most of our annual loss reserve studies in the fourth quarter of each year and, as a result, tend to record the largest movements, both favorable and adverse, to net incurred losses and LAE in this period.

In the interim periods where a reserve study has not been completed, we perform quarterly reviews to ascertain whether changes to claims paid or case reserves have varied from our expectations developed during the last annual reserve review. In this event, we consider the timing and magnitude of the actual versus expected development, and we may record an interim adjustment to our recorded reserves if, and when, warranted.

Investment Outlook

We expect global financial markets to remain uncertain for the remainder of 2024 due to the lagged impact of higher interest rates and tighter financial conditions, above-trend inflation, the onset of the US Federal Reserve’s easing cycle, the US Presidential election results and the macroeconomic effects of ongoing geopolitical conflicts and tensions.

Market expectations around the future path of interest rates will represent a continued source of volatility, as global central banks attempt to engineer a soft landing by normalizing interest rates while closely monitoring inflation. If interest rates rise and/or credit spreads widen, we may recognize unrealized losses and fair value changes on our fixed maturities and incur a higher rate of borrowing and interest costs if we renew or borrow under credit facilities in the current environment.

Despite this, elevated interest rates can represent an opportunity for us in the medium to long term, notably;

•For the three months ended September 30, 2024, we held 16.7% of our portfolio, or $3.0 billion, in fixed maturity investments with floating interest rates which, should interest rates remain elevated, would be accretive to future investment book yields. We earned $56 million and $62 million of net investment income from our floating rate investments for the three months ended September 30, 2024 and 2023, respectively, which were generally indexed to LIBOR1 through June 30, 2023 and SOFR thereafter.

•For the nine months ended September 30, 2024, we hold 16.8% of our portfolio, or $3.0 billion, in fixed maturity investments with floating interest rates which, should interest rates remain elevated, would be accretive to future

1 LIBOR was ceased on June 30, 2023 and replaced by the Secured Overnight Financing Rate (“SOFR”).

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 98

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Item 2 | Management's Discussion and Analysis | Current Outlook

investment book yields. We earned $174 million and $181 million of net investment income from our floating rate investments for the nine months ended September 30, 2024 and 2023, respectively, which were generally indexed to LIBOR2 through June 30, 2023 and SOFR thereafter.

•Higher interest rates have provided us with the opportunity to reinvest at higher yields as our securities mature or as we invest a significant portion of consideration received from new business in fixed maturities.

We expect that the cumulative unrealized losses and fair value changes we have recognized on our fixed maturities will be recouped as these assets get closer to their maturity and the prices pull to par, assuming we do not, or are otherwise not required to, sell such investments prior to maturity. We may also undertake tactical repositioning of our portfolio as opportunities arise to achieve better alignment with our investment strategy, rather than waiting for certain fixed maturities to pull to par, which may result in the recognition of previously unrealized losses within our income statement with a corresponding reclassification adjustment in other comprehensive income. Such adjustments would be neutral to equity since the unrealized losses are recorded as a component of accumulated other comprehensive income. Any investment repositioning may also have a corresponding impact to our investment book yield.

We currently do not intend to sell securities in an unrealized loss position. However, as part of our investment strategy to fund the return of capital to our shareholders, we have agreed to a return of capital of $500 million to our shareholders as part of the total $338 per ordinary share received as part of the Merger Agreement. As a result, it is possible that we may incur a loss from sale of securities in an unrealized loss position. See Note 1 of our unaudited condensed consolidated financial statements for further information on the Merger Agreement.

We invest in public and private assets, which may vary in the magnitude of their exposure to any potential economic downturn and other macroeconomic factors.

Despite these challenges, we remain committed to our strategic asset allocation and expect our investments to provide attractive risk adjusted returns and diversification benefits over the medium to long term.

Inflation

We continue to monitor the inflationary impacts resulting from pandemic-related government stimulus and labor force supply pressures on our loss cost trends.

Commencing in 2021, economic inflation rose significantly before peaking in mid-2022 and returning to low single digits in late 2023 and through 2024 to date. During this period our net loss reserves have not been significantly impacted by these inflationary pressures.

Social inflation has been a persistent headwind for the industry for some time. We continue to monitor and seek to actively resolve claims in difficult judicial districts. We closely follow these trends and proactively set appropriate reserves.

As described above, global economic policy responses to inflation have contributed to increases in interest rates, which, in the short term, have had a significant impact on our investments, in particular our fixed maturities. Any further rise in interest rates will have further negative impacts on our fixed maturities in the form of unrealized losses and fair value changes.

There remains uncertainty around the future of inflation. We continue to monitor liquidity, capital and the potential earnings impact of these changes but remain focused on medium to long term asset allocation decisions.

We expect to continue to benefit from our allocation to investments with inflationary pass-through components, including investments in private equity, private credit, real estate, and infrastructure asset classes.

Inflation, tight labor conditions and higher service costs continue to put pressure on wages and prices, which could impact our general and administrative expenses as we remain focused on being a competitive employer in our market.

2 LIBOR was ceased on June 30, 2023 and replaced by the Secured Overnight Financing Rate (“SOFR”).

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 99

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Item 2 | Management's Discussion and Analysis | Current Outlook

Geopolitical Conflicts

Heightened geopolitical conflicts, including the Russian invasion of Ukraine and the more recent conflicts in the Middle East, are directly and indirectly (through comprehensive sanctions regimes) contributing to increased commodity prices, disrupted supply chains, global financial market volatility and significant industry losses.

We continue to monitor our direct investment and underwriting risks and our acquisition pipeline as a result of these ongoing conflicts. To date, we are not aware of operational disruption to us or our third party service providers as a result of these conflicts, and we have not identified any significant direct impacts from these events. We also continue to monitor for, and respond to, all changes in the global sanctions regime, updating our procedures accordingly.

Minimum Corporate Income Tax

In December 2021, the OECD released the final model rules on Pillar II, an initiative proposing a global minimum tax rate of 15% designed to ensure large multinational enterprises pay a minimum level of tax on the income arising in each jurisdiction where they operate. We have several subsidiaries in jurisdictions that have enacted, or intend to enact, Pillar II legislation, including particularly the U.K., Australia and Belgium.

In response to Pillar II initiatives, the government of Bermuda enacted a 15% corporate income tax in December 2023 that will become effective January 1, 2025. Based on our substantial operations in Bermuda, we expect a meaningful portion of our income will be subject to the Bermuda corporate income tax. However, the Bermuda Corporate income tax is expected to mitigate the impact of Pillar II.

We established a net deferred tax asset of $205 million related to the enactment of the Bermuda CIT in December 2023 pertaining to the Economic Transition Adjustment provision of the Act which provides a benefit using fair values of the Bermuda based entities around the time of enactment that is expected to be offset against future income tax expense. The company is evaluating various corporate actions which may impact our ability to realize our net DTA in Bermuda.

We continue to monitor ongoing developments relating to these new tax regimes.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 100

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Item 2 | Management's Discussion and Analysis | Liquidity and Capital Resources

Liquidity and Capital Resources

Overview

We aim to generate cash flows from our (re)insurance operations and investments, preserve sufficient capital for future acquisitions and new business, and develop relationships with lenders who provide borrowing capacity at competitive rates.

As of September 30, 2024, we had $572 million of cash and cash equivalents, excluding restricted cash, that supports (re)insurance operations. Included in this amount was $225 million held by our foreign subsidiaries outside of Bermuda.

We closed 2023 with an estimated solvency capital ratio of 195%. Based upon our financial fundamentals and available funding sources, we continue to believe we have access to adequate liquidity and capital resources to meet business requirements under current market conditions and reasonably possible stress scenarios for the foreseeable future. We continuously monitor our liquidity and capital positions and adjust as required by market conditions. The following represent our total capitalization and capitalization attributable to Enstar as of September 30, 2024 and December 31, 2023.

Total capitalization attributable to Enstar excluding NCI was $7.89 billion as of September 30, 2024 and $7.37 billion as of December 31, 2023. Debt and Series D and E preferred shares to total capitalization attributable to Enstar was 29.7% and 31.8% as of September 30, 2024 and December 31, 2023, respectively. Debt to total capitalization attributable to Enstar was 23.2% and 24.9% as of September 30, 2024 and December 31, 2023, respectively.

Under the eligible capital rules of the Bermuda Monetary Authority (“BMA”), our Preferred Shares qualify as Tier 2 capital when considering the Bermuda Solvency Capital Requirements (“BSCR”).

For purposes of the financial covenants in our credit facilities, total debt excludes hybrid capital (defined as our Junior Subordinated Notes) not exceeding 15% of total capital attributable to Enstar. As of September 30, 2024, we were in compliance with the financial covenants in our credit facilities.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 101

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Item 2 | Management's Discussion and Analysis | Liquidity and Capital Resources

Liquidity and Capital Resources of Holding Company and subsidiaries

Holding Company Liquidity

We conduct substantially all of our operations through our subsidiaries. As such, the potential sources of liquidity to Enstar as a holding company consist of cash flows from our subsidiaries, including dividends, advances and loans, and interest income on loans to our subsidiaries. We have available borrowing capacity under our revolving credit facility, and we have obtained funding through the issuance of senior notes and preferred shares. The holding company also guarantees our Junior Subordinated Notes issued by one of our subsidiaries in prior years.

As of September 30, 2024, we had $800 million of available unutilized capacity under our unsecured revolving credit agreement, which expires in May 2028. We may request additional commitments under the facility up to an aggregate amount of $200 million, which the existing lenders, in their discretion, or new lenders, may provide.

We use cash to fund new acquisitions of companies. We also utilize cash for our operating expenses associated with being a public company and to pay dividends on our preferred shares and interest and principal on loans from subsidiaries and debt obligations, including loans under our credit facilities, our Senior Notes and our Junior Subordinated Notes.

We may, from time to time, raise capital from the issuance of equity, debt or other securities as we continuously evaluate our strategic opportunities. We filed an automatic shelf registration statement in March 2023 with the SEC to allow us to conduct future offerings of certain securities, if desired, including debt, equity and other securities.

As we are a holding company and have no substantial operations of our own, our assets consist primarily of investments in subsidiaries and our loans and advances to subsidiaries. Dividends from our (re)insurance subsidiaries are restricted by (re)insurance laws and regulations, as described below. The ability of all of our subsidiaries to make distributions and transfers to us may also be restricted by, among other things, other applicable laws and regulations and the terms of our credit facilities and our subsidiaries' bank loans and other issued debt instruments.

Based on our group's current corporate structure with a Bermuda domiciled parent company and the jurisdictions in which we operate, if the cash and cash equivalents held by our foreign subsidiaries were to be distributed to us, as dividends or otherwise, such amount would not be subject to incremental income taxes; however, in certain circumstances withholding taxes may be imposed by some jurisdictions, including by the United States.

Based on existing tax laws, regulations and our current intentions, there were no accruals as of September 30, 2024 for any material withholding taxes on dividends or other distributions.

Merger-related costs

Fees and other expenses that are contingent on the closing of the Merger are estimated to range from $90 million to $105 million for consulting and advisory, legal services and employee related bonuses. Refer to Note 1 of our unaudited condensed consolidated financial statements for further information on the Merger Agreement.

Sources and Uses of Cash

Cash and cash equivalents increased by $206 million during the nine months ended September 30, 2024, which was largely due to cash provided by operating activities of $360 million, partially offset by cash used in investing activities and financing activities of $125 million and $33 million, respectively.

Cash and cash equivalents decreased by $446 million during the nine months ended September 30, 2023, which was largely due to cash used in financing and investing activities of $542 million and $193 million, respectively, partially offset by cash provided by operating activities of $303 million.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 102

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Item 2 | Management's Discussion and Analysis | Liquidity and Capital Resources

We monitor cash flows at the consolidated and entity levels. Cash flow forecasts at the consolidated and entity levels are provided on a monthly basis, and we use trend and variance analyses to project future cash needs, making adjustments to the forecasts when needed. We typically generate operating cash inflows from consideration on run-off reinsurance coverages and income received from our investments, while outflows generally consist of paid losses and loss adjustment expenses and operating expenses. These net cash flows are then used to pay off interest on debt and preferred share dividends and invested to support the obligations of our reinsured coverages and required capital supporting these coverages. Our cash flows from operating activities are affected by the timing of consideration and investment income received and expenses paid.

The following table shows our net cash flows for the nine months ended September 30, 2024 and 2023:

			Analysis of Sources and Uses of Cash
			Nine Months Ended September 30,
			2024						2023						$ Change
			(in millions of U.S. dollars)
Operating Cash Flow Activities
Net paid losses			$	(1,785)					$	(1,854)					$	69
Net cash acquired on completion of acquisitions and new business			654						402						252
Net sales and maturities of trading securities			414						758						(344)
Net investment income received			384						373						11
Cash consideration received for novation			—						94						(94)
Other sources, net			693						530						163
Net cash flows provided by operating activities			360						303						57
Investing Cash Flow Activities
Net sales (purchases) of AFS securities			54						(18)						72
Net purchases of other investments			(200)						(186)						(14)
Proceeds from the sale of equity method investments			20						—						20
Other sources			1						11						(10)
Net cash flows used in investing activities			(125)						(193)						68
Financing Cash Flow Activities
Preferred share dividends			(27)						(27)						—
Share repurchases			—						(340)						340
Acquisition of noncontrolling interest			(6)						(175)						169
Net cash flows used in financing activities			$	(33)					$	(542)					$	509

Analysis of Sources and Uses of Cash

Operating Cash Flow Activities

2024 vs 2023: Cash provided by operating activities of $360 million for the nine months ended September 30, 2024 was driven by cash consideration received on the completion of new reinsurance deals of $654 million, net sales and maturities of trading securities of $414 million, $384 million from receipt of net investment income and other sources of $693 million, which was largely generated by the release of funds held balances to cover net paid claims on certain portfolios, partially offset by net paid losses of $1.79 billion. In comparison, cash provided by operating activities of $303 million for the nine months ended September 30, 2023 was driven by net sales and maturities of trading securities of $758 million and other sources of $530 million, which was largely generated by the release of funds held balances to cover net paid claims on certain portfolios, partially offset by the payment of general and administrative and interest expenses. We also received $402 million of cash as partial consideration for the QBE and RACQ LPTs, net investment income of $373 million and cash consideration for the Enhanzed Re novation of $94 million. These net inflows were partially offset by net paid losses of $1.85 billion.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 103

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Item 2 | Management's Discussion and Analysis | Liquidity and Capital Resources

Investing Cash Flow Activities

2024 vs 2023: Cash used in investing activities of $125 million for the nine months ended September 30, 2024 was primarily due to net purchases of other investments of $200 million, partially offset by net sales of AFS securities of $54 million and cash proceeds received on the sale of an equity method investment of $20 million. In comparison, cash used in investing activities of $193 million for the nine months ended September 30, 2023 was primarily due to net purchases of fixed maturities, AFS and other investments of $18 million and $186 million, respectively.

Financing Cash Flow Activities

2024 vs 2023: Cash used in financing activities of $33 million for the nine months ended September 30, 2024 was primarily driven by the payment of preferred share dividends of $27 million. In comparison, cash used in financing activities of $542 million for the nine months ended September 30, 2023 was largely driven by share repurchases of $340 million, as a result of our strategic repurchase of our non-voting convertible ordinary shares during the first quarter of 2023, in addition to Enhanzed Re’s repurchase of the entire 24.9% ownership interest Allianz held in Enhanzed Re for $175 million.

U.S. Finance Company Liquidity

Enstar Finance is a wholly-owned finance subsidiary under which we have issued our Junior Subordinated Notes. Similar to our holding company, Enstar Finance is dependent upon funds from other subsidiaries to pay any amounts due under the Junior Subordinated Notes in the form of distributions or loans, which may be restricted by, among other things, other applicable laws and regulations and the terms of our credit facilities and our subsidiaries’ bank loans and other issued debt instruments.

Liquidity in Operating Companies

We expect that our operating companies will generate sufficient liquidity, together with our existing capital base and cash and investments acquired and from new business transactions, to meet cash requirements and to operate our business.

Sources of funds to our operating companies primarily consist of cash and investment portfolios acquired on the completion of acquisitions and new business, investment income earned, proceeds from sales and maturities of investments and collection of reinsurance recoverables. We also collect small amounts of premiums and fee and commission income.

Cash balances acquired upon the purchase of (re)insurance companies are classified as cash provided by investing activities, whereas cash from new business is classified as cash provided by operating activities.

The primary uses of funds by our operating companies are claims payments, investment purchases, operating expenses and collateral requirements.

The ability of our (re)insurance subsidiaries to pay dividends and make other distributions is limited by the applicable laws and regulations of the jurisdictions in which our (re)insurance subsidiaries operate, including Bermuda, the United Kingdom, the United States, Australia and Continental Europe, which subject these subsidiaries to significant regulatory restrictions.

These laws and regulations require, among other things, certain of our (re)insurance subsidiaries to maintain minimum capital requirements and limit the amount of dividends and other payments that these subsidiaries can pay to us, which in turn may limit our ability to pay dividends and make other payments.

As of September 30, 2024, to our knowledge, all of our (re)insurance subsidiaries’ capital requirement levels were in excess of the minimum levels required for their respective regulatory jurisdictions.

Our subsidiaries' ability to pay dividends and make other forms of distributions may also be limited by our repayment obligations under certain of our outstanding credit facility agreements and other debt instruments. Variability in ultimate loss payments and collateral amounts required may also result in increased liquidity requirements for our subsidiaries.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 104

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Item 2 | Management's Discussion and Analysis | Liquidity and Capital Resources

Debt Obligations

We utilize debt financing and loan facilities primarily for funding acquisitions and significant new business, investment activities and, from time to time, for general corporate purposes.

Our debt obligations as of September 30, 2024 and December 31, 2023 were as follows:

Facility																		Due Date						September 30, 2024						December 31, 2023
																								(in millions of U.S. dollars)
4.95% Senior Notes																		May 2029						$	497					$	496
3.10% Senior Notes																		September 2031						496						496
Total Senior Notes																								993						992
5.75% Junior Subordinated Notes																		August 2040						346						345
5.50% Junior Subordinated Notes																		January 2042						494						494
Total Junior Subordinated Notes																								840						839
Total debt obligations																		$	1,833					$	1,831

Under the eligible capital rules of the BMA, the Senior Notes qualify as Tier 3 capital and the Junior Subordinated Notes qualify as Tier 2 capital when considering the BSCR.

We may from time to time seek to retire or purchase our outstanding debt through cash purchases, redemptions and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Any such repurchases, redemptions or exchanges will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions and applicable regulatory, legal and accounting factors.

Credit Ratings

The following table presents our credit ratings as of November 12, 2024:

Credit ratings (1)

Standard and Poor’s

Fitch Ratings

Long-term issuer

BBB+ (Outlook: Stable)

BBB+ (Outlook: Stable)

2029 Senior Notes

BBB+

BBB

2031 Senior Notes

BBB

BBB

2040 and 2042 Junior Subordinated Notes

BBB-

BBB-

Series D and E Preferred Shares

BBB-

BBB-

(1) Credit ratings are provided by third parties, Standard & Poor’s and Fitch Ratings, and are subject to certain limitations and disclaimers. For information on these ratings, refer to the rating agencies’ websites and other publications.

Agency ratings are not a recommendation to buy, sell or hold any of our securities and may be revised or withdrawn at any time by the issuing organization. Each agency's rating should be evaluated independently of any other agency's rating3.

Contractual Obligations

Reserves for Losses and LAE

We generally attempt to match the duration of our investment portfolio to the duration of our general liability profile and generally seek to maintain investment portfolios that are shorter or of equivalent duration to the liabilities in order to provide liquidity for the settlement of losses and, where possible, to avoid having to liquidate longer-dated investments. The settlement of liabilities also has the potential to accelerate the natural payout of losses and policyholder benefits, which may require additional liquidity. As of September 30, 2024 and December 31, 2023, the weighted average estimated durations of our Run-off segment gross reserves for losses and LAE were 4.90 and 4.72 years, respectively.

3 For information on risks related to our credit ratings, refer to "Item 1A. Risk Factors - Risks Relating to Liquidity and Capital Resources" and "Item 1A. Risk Factors - Risks Relating to Ownership of our Shares" in our Annual Report on Form 10-K for the year ended December 31, 2023.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 105

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Item 2 | Management's Discussion and Analysis | Liquidity and Capital Resources

Share Repurchases, Return of Capital and Dividends

We believe that the best investment is in our business, by funding future transactions and meeting our financing obligations. We may choose to return value to shareholders in the form of share repurchases or dividends. To date, we have not declared any dividends on our ordinary shares. We may re-evaluate this strategy from time to time based on overall market conditions and other factors.

As part of the proposed Merger Agreement as set out in Note 1. Merger Agreement of our unaudited condensed consolidated financial statements, Enstar has agreed to a return of capital of $500 million to our shareholders, as part of the total $338 per ordinary share received.

We have 16,000 Series D Preferred Shares with an aggregate liquidation value of $400 million and 4,400 Series E Preferred Shares with an aggregate liquidation value of $110 million. The dividends on both Series of Preferred Shares are non-cumulative and may be paid quarterly in arrears, only when, as and if declared.

Any payment of ordinary or preferred dividends must be approved by our Board. Our ability to pay ordinary and preferred dividends is subject to certain restrictions.

Off-Balance Sheet Arrangements

As of September 30, 2024, we have entered into certain investment commitments and parental guarantees. We do not believe it is reasonably likely that these arrangements will have a material unplanned current or future effect on our financial condition as they are considered in normal course of business and on-going stress testing.

We also utilize unsecured and secured letters of credit4 (“LOCs”) and a deposit facility.

The following table represents our outstanding unfunded investment commitments and LOCs by duration as of September 30, 2024:

									Short-Term						Long-Term
									Less than 1 Year						More than 1 Year						Total
						(in millions of U.S. dollars)
Investing Activities
Unfunded investment commitments(1)									$	301					$	1,124					$	1,425
Financing Activities
Letters of credit									$	—					$	1,840					$	1,840

(1) Included in unfunded investment commitments, is a commitment we entered into during the nine months ended September 30, 2024 to invest $10 million in an insurance-linked securities (“ILS”) arrangement through a Bermuda-based collateralized reinsurer, determined to be a related party, that will provide reinsurance capacity across a diversified portfolio of casualty programs.

4 Refer to Note 18 to our consolidated financial statements included within our Annual Report on Form 10-K for the year ended December 31, 2023 for further details.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 106

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Item 3 | Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are principally exposed to four types of market risk: interest rate risk, credit risk, equity price risk and foreign currency risk. For the nine months ended September 30, 2024, there were no material changes to these market risks or our policies to address these market risks, as disclosed in “Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of management, including our Chief Executive Officer and our Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of September 30, 2024. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that we maintained effective disclosure controls and procedures to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and timely reported as specified in the rules and forms of the U.S. Securities and Exchange Commission and is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Controls Over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 107

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Part II - Other Information

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For a discussion of legal proceedings, see Note 18 to our unaudited condensed consolidated financial statements, which is incorporated herein by reference.

ITEM 1A. RISK FACTORS

Our results of operations and financial condition are subject to numerous risks and uncertainties described in “Risk Factors” included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. Other than as described below, the risk factors identified therein have not materially changed.

On July 29, 2024, the Company entered into the Merger Agreement with Elk Bidco Limited (the “Parent”), an exempted company limited by shares existing under the laws of Bermuda. The Parent is backed by equity commitments from investment vehicles managed or advised by affiliates of Sixth Street. Pursuant to the Merger Agreement, there will be a series of mergers resulting in the Company surviving the Merger as a wholly-owned subsidiary of the Parent. Refer to Note 1. Merger Agreement of our unaudited condensed consolidated financial statements for further information on the Merger Agreement.

The Merger Agreement was unanimously approved by the Company’s Board of Directors. The description of the Merger Agreement in these risk factors does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, which is filed as Exhibit 2.1 to our Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 29, 2024.

Risks Related to the Proposed Merger

While the Merger is pending, we are subject to business uncertainties and contractual restrictions that could harm our business relationships, financial condition, results of operations and business.

During the period prior to the closing of the Merger and pursuant to the terms of the Merger Agreement, our business is exposed to certain incremental risks and contractual restrictions that could harm our business relationships, financial condition, results of operations, and business, including:

•the proposed Merger and its announcement could have an adverse effect on our ability to retain clients and retain and hire key personnel and maintain relationships with our clients and business partners;

•the diversion of management time and attention, as well as distraction of our key personnel, from the Company’s ordinary course of business operations;

•delays or deferments of certain business decisions by our clients and business partners, who may defer decisions about working with us, move to our competitors, or seek to delay or change existing business relationships with us;

•our inability to, among other things, solicit other acquisition proposals, pursue alternative business opportunities, freely issue securities, incur or refinance certain indebtedness, or take certain actions without Parent’s prior approval;

•the proposed Merger and the termination fee of $145 million, that we may be required to pay under certain circumstances if the Merger does not close, may negatively impact the structure, pricing and terms proposed by a third party seeking to acquire or merge with the Company or deter such third party from making a competing acquisition proposal;

•the inability to make strategic changes to our business because the Merger Agreement requires us to use commercially reasonable efforts to conduct our business in the ordinary course of business consistent with past practice in all material respects and not engage in certain kinds of transactions prior to the completion of the proposed Merger without Parent’s approval;

•negative publicity as a result of significant delays in completing the Merger or the failure to complete the Merger, which, in turn, could negatively affect our relationships with business partners and could impact investor and consumer confidence in our business;

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 108

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Part II - Other Information

•any litigation relating to the Merger and the costs related thereto;

•the incurrence of significant costs, expenses, and fees for professional services and other transaction costs in connection with the Merger.

Even if successfully completed, there are certain risks to our shareholders from the Merger, including:

•we may experience a departure of employees prior to the closing of the Merger;

•the amount of cash to be paid under the Merger Agreement is fixed and will not be adjusted for any positive changes in our business, assets, liabilities, prospects, outlook, financial condition or operations;

•receipt of the all-cash per share merger consideration under the Merger Agreement is taxable to shareholders that are treated as U.S. holders for U.S. federal income tax purposes; and

•if the Merger is completed, holders of our ordinary shares will forgo the opportunity to realize the potential long-term value of the successful execution of our current strategy as an independent company.

The Merger may not be completed within the intended timeframe, or at all, and the failure to complete the Merger could adversely affect our business, results of operations, financial condition, and the market price of our ordinary shares, depositary shares representing our preferred shares, Senior Notes and Junior Subordinated Notes.

The Merger Agreement contains a number of conditions that must be satisfied or waived prior to the completion of the Merger, including (a) the adoption of the Merger Agreement by the Company’s shareholders, (b) the approval of the Bermuda Monetary Authority pursuant to the Bermuda Exchange Control Act 1972 and the Insurance Act 1978, other additional approvals of certain other insurance regulatory bodies, the expiration, termination or receipt of any approval or clearances applicable to the consummation of the Merger under applicable antitrust laws, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the receipt of certain additional clearances or approvals of certain other governmental bodies, without the imposition of a Burdensome Condition (as defined in the Merger Agreement); (c) the absence of any order restraining, enjoining or otherwise preventing the Merger or any law that prohibits or makes illegal the consummation of the Merger that remains in effect, (d) the absence of any Specified Debt Event of Default (as defined in the Merger Agreement) and (e) the absence of any Company Material Adverse Effect.

On November 6, 2024, the Company’s shareholders voted in favor of the Merger at a special general meeting of the Company’s shareholders. The waiting period under the HSR Act expired at 11:59 p.m. Eastern Time on September 18, 2024. However, the consummation of the Merger remains subject to the satisfaction of other closing conditions specified in the Merger Agreement, including other regulatory approvals.

Any such remaining required consents and approvals may not be received at all, may not be received in a timely fashion, or may impose conditions on the completion of the Merger. We cannot assure that all of the conditions in the Merger Agreement will be satisfied or waived on a timely basis or at all. If the conditions in the Merger Agreement are not satisfied or waived on a timely basis or at all, or if Parent failed to obtain financing necessary to complete the proposed transaction, we may be unable to complete the Merger in the timeframe or manner currently anticipated or at all.

If the Merger is delayed or not completed without realizing any of the benefits, for any of the reasons articulated above or because Sixth Street is unable to meet their equity or debt commitments required to fund the Merger, we may be subject to a number of risks, including the following:

•the market price of our securities, including our ordinary shares, could decline to the extent that the current market price reflects a market assumption that the Merger will be completed;

•commitments of management’s time and resources to the Merger that could otherwise have been devoted to pursuing other beneficial opportunities for the Company;

•we may experience negative reactions from the financial markets or from our clients, business partners or employees;

•any disruptions to our business resulting from the announcement and pendency of the Merger, including adverse changes in our relationships with clients, suppliers, partners and employees, may continue or intensify in the event the Merger is not consummated or is significantly delayed;

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•the inability to attract and retain key personnel and recruit prospective employees, and the possibility that our current employees could be distracted, and their productivity decline as a result, due to uncertainty regarding the Merger;

•the inability to pursue alternative business opportunities or make changes to our business pending the completion of the Merger, and other restrictions on our ability to conduct our business;

•we have incurred, and expect to continue incurring, significant costs, expenses, and fees for professional services and other Merger-related costs, for which we may receive little or no benefit if the Merger is not completed, and many of these fees and costs will be payable by us even if the Merger is not completed; and

•we may be required, if the Merger Agreement is terminated in certain limited circumstances, to pay a termination fee of $145 million as provided in the Merger Agreement, which would require us to use cash that would have otherwise been available for general corporate purposes or other uses.

If any of these or other risks materialize, they could adversely impact our ongoing business, financial condition, financial results and the price of our ordinary shares, depositary shares representing our preferred shares, Senior Notes and Junior Subordinated Notes. Similarly, delays in the completion of the Merger could, among other things, result in additional transaction costs, loss of revenue or other negative effects associated with uncertainty about completion of the Merger.

If the Merger Agreement is terminated, we may, under certain circumstances, be obligated to pay a termination fee to Parent. These costs could require us to use available cash that would have otherwise been available for other uses.

If the Merger is not completed, in certain circumstances, we could be required to pay a termination fee of $145 million. If the Merger Agreement is terminated, the termination fee we may be required to pay, if any, under the Merger Agreement may require us to use available cash that would have otherwise been available for general corporate purposes or other uses. For these and other reasons, termination of the Merger Agreement could materially and adversely affect our business, results of operations or financial condition, which in turn would materially and adversely affect the price of our ordinary shares, depositary shares representing our preferred shares, Senior Notes and Junior Subordinated Notes.

Our executive officers and directors may have interests in the proposed Merger that are different from, or in addition to, those of our shareholders generally.

Our executive officers and directors may have interests in the proposed Merger that are different from the interests of our shareholders generally, including, among others, the acceleration of the vesting of equity awards, the settlement of the JSOP and receipt of change in control or other severance payments in connection with the proposed Merger, continued indemnification and insurance, potentially continued service to the combined company and potentially the reinvestment of certain individuals in the private company (including our Chief Executive Officer). These interests, among others, may influence, or appear to influence, our executive officers and directors and cause them to view the Merger differently from how our shareholders generally may view it.

Additional information regarding our executive officers and directors and their interests in the proposed Merger is included in the definitive proxy statement on Schedule 14A relating to the proposed Merger filed with the Securities and Exchange Commission on October 11, 2024.

Shareholder litigation could prevent or delay the closing of the Merger or otherwise negatively impact our business, operating results and financial condition.

Litigation relating to the Merger has been and may be filed against the Company and its Board of Directors. Among other remedies, these claimants could seek damages and/or to enjoin the Merger and the other transactions contemplated by the Merger Agreement. The outcome of any litigation is uncertain and any such lawsuits could prevent or delay the completion of the Merger and result in significant costs. The litigation costs, including costs associated with the indemnification of obligations to our directors, and diversion of management’s attention and resources to address the claims in any litigation related to the Merger may adversely affect our business, results of operations, prospects, and financial condition. Any litigation related to the Merger may result in negative publicity or an unfavorable impression of us, which could adversely affect the price of our securities, including our ordinary shares, impair our ability to recruit or retain employees, damage our relationships with our clients and business partners, or otherwise harm our operations and financial performance.

The Merger will involve substantial costs and require substantial management resources, which could adversely affect our operating results and financial condition.

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Management and financial resources have been diverted and will continue to be diverted towards the completion of the Merger. We have incurred, and expect to continue to incur substantial costs and expenses relating to, as well as the direction of management resources towards, the Merger. Such costs, fees and expenses include fees and expenses payable to financial advisors, other professional fees and expenses, fees and costs relating to regulatory filings and filings with the SEC and notices and other transaction-related costs, fees and expenses. We expect these costs could have an adverse effect on our operating results. If the Merger is not completed, we will have incurred substantial expenses and expended substantial management resources for which we will have received little or no benefit if the closing of the Merger does not occur.

In connection with the Merger, our current and prospective employees could experience uncertainty about their future with us or decide that they do not want to continue their employment. As a result, key employees may depart because of issues relating to such uncertainty or a desire not to remain with the Company following the completion of the Merger. Loss of employees could adversely affect our business, results of operations, and financial condition. Such adverse effects could also be exacerbated by a delay in the completion of the Merger for any reason, including delays associated with obtaining requisite regulatory approvals.

Holders of the depositary shares representing our preferred shares who receive newly issued preferred shares of the surviving company cannot be sure of the value of the new preferred shares that they will receive as a result of the Merger, and an active trading market for the newly issued preferred shares does not exist and may not develop.

Upon consummation of the Merger, holders of depositary shares representing our preferred shares will receive newly issued preferred shares of the surviving company. The value of the newly issued preferred shares is unknown, and may vary as a result of a variety of factors, including the number of holders of the newly issued preferred shares, prevailing interest rates, the issuer’s operating performance and financial condition, the market for similar securities and other risk factors appearing in this quarterly report. The Company cannot provide any assurances regarding the value of the newly issued preferred shares.

After the consummation of the Merger, the newly issued preferred shares will not be listed on any securities exchange. As a result, holders of the newly issued preferred shares may have difficulty selling such shares. If an active, liquid market for the newly issued preferred shares does not develop, the value and liquidity of the newly issued preferred shares may be adversely effected. As a result, the holders of the newly issued preferred shares may not be able to sell their preferred shares at a particular time or at a favorable price. Since the signing of the Merger Agreement Sixth Street has informed the Company that, after the consummation of the Merger, the information made available to the holders of the Senior Notes and Junior Subordinated Notes is also expected to be provided to the holders of the newly issued preferred shares.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

There were no ordinary shares acquired by the Company during the three months ended September 30, 2024.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

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During the three months ended September 30, 2024, no director or officer of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

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ITEM 6. EXHIBITS

EXHIBIT INDEX

Exhibit No.						Description
2.1						Agreement and Plan of Merger, dated as of July 29, 2024, by and among Enstar Group Limited, Deer Ltd., Deer Merger Sub, Ltd. Elk Bidco Limited, and Elk Merger Sub Limited (incorporated by reference to Exhibit 2.1 of the Company’s Form 8-K filed on July 29, 2024).
3.1						Memorandum of Association of Enstar Group Limited (incorporated by reference to Exhibit 3.1 of the Company’s Form 10-K/A filed on May 2, 2011).
3.2						Sixth Amended and Restated Bye-Laws of Enstar Group Limited (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on June 15, 2021).
3.3						Certificate of Designations of Series C Participating Non-Voting Perpetual Preferred Stock (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on June 17, 2016).
3.4						Certificate of Designations of 7.00% fixed-to-floating rate perpetual non-cumulative preference shares, Series D (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed on June 27, 2018).
3.5						Certificate of Designations of 7.00% perpetual non-cumulative preference shares, Series E (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed on November 21, 2018).
10.1						Transition Agreement, dated as of July 29, 2024, by and among Ms. Gregory and the Company (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed on July 29, 2024).
10.2						Amendment No. 1 to Amended and Restated Revolving Credit Agreement, by and among Enstar Group Limited and certain of its subsidiaries, National Australia Bank Limited and each of the lenders party thereto (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed on September 13, 2024).
10.3						Amendment No. 1 to Amended and Restated Letter of Credit Facility Agreement, by and among Enstar Group Limited and certain of its subsidiaries, Cavello Bay Reinsurance Limited, National Australia Bank Limited and each of the lenders party thereto (incorporated by reference to Exhibit 10.2 of the Company’s Form 8-K filed on September 13, 2024).
31.1*						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted under Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted under Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						XBRL Taxonomy Extension Schema
101.CAL						XBRL Taxonomy Extension Calculation Linkbase
101.LAB						XBRL Taxonomy Extension Label Linkbase
101.DEF						XBRL Taxonomy Extension Definition Linkbase
101.PRE						XBRL Taxonomy Extension Presentation Linkbase
104						Cover page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

_______________________________

*    filed herewith

**    furnished herewith

+    denotes management contract or compensatory arrangement

s    certain of the schedules and similar attachments are not filed but Enstar Group Limited undertakes to furnish a copy of the schedules or similar attachments to the SEC upon request

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 113

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 12, 2024.

			ENSTAR GROUP LIMITED
By:			/s/ Matthew Kirk
			Matthew Kirk Chief Financial Officer, Authorized Signatory and Principal Financial Officer
By:			/s/ Girish Ramanathan
			Girish Ramanathan Chief Accounting Officer and Principal Accounting Officer

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 114