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美國證券交易所(SEC)

華盛頓特區20549

表格10-Q

季度報告 根據1934年證券交易所法案第13或15(d)條規定

截至季度結束日期的財務報告2024年9月30日

委員會文件號 001-33289

恩斯塔集團有限公司

（根據其章程規定的準確名稱）

百慕大			N/A
（設立或組織的其他管轄區域）			（納稅人識別號碼）

A.S. Cooper大廈, 4樓, Reid街26號, 漢密爾頓 HM 11, 百慕大

（總部地址，包括郵政編碼）

註冊人的電話號碼，包括區號： (441) 292-3645

每個交易所的名稱

每種類別的證券			交易標誌			名稱爲每個註冊的交易所:
普通股，每股面值1.00美元			ESGR			納斯達克證券交易所			LLC
存托股份，每股代表7.00%的1/1,000權益			ESGRP			納斯達克股票交易市場			有限責任公司
固定利率轉浮動利率永續不積累優先股份，D系列，每份幣值1.00美元
存託憑證，每份代表7.00%權益中的1/1,000			ESGRO			納斯達克股票交易市場			有限責任公司
無限期非累積優先股，E系列，每股面值1.00美元

請勾選以下內容。申報人是否（1）在過去12個月內（或申報人需要報告這些報告的時間較短的期間內）已提交證券交易法規定的第13或15（d）條要求提交的所有報告；以及（2）過去90天內已被要求提交此類報告。    是☒不☐

檢查標記註明註冊人是否在過去12個月內（或對於註冊人需要提交此類文件的較短期限內）按照《規則S-T》405條所規定的每個互動數據文件都提交了。是 ☒ 不可☐

請通過複選標記指示註冊人是否爲大幅加速的申報人、加速的申報人、非加速的申報人、較小的報告公司或新興成長型公司。請參閱《交易所法》第120億.2條中關於「大幅加速的申報人」、「加速的申報人」、「較小的報告公司」和「新興成長型公司」的定義。

大型加速報告人

☒

加速文件申報人

☐

非加速文件提交人

☐

更小的報告公司

☐

新興成長公司

☐

如果是新興成長型公司，在選中複選標記的同時，如果公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則，則表明該公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則。☐

請勾選下列選項，以表示註冊人是否是殼公司(如證券交易法規則12b-2所定義)。 是 ☐ 否 ☐☒

截至2024年11月8日，登記公司仍有未償還的普通股 15,232,010 每股面值爲1.00美元的普通股股東擁有表決權

1

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目錄

恩斯塔集團有限公司

第10-Q表的季度報告

報告期截至2024年9月30日

目錄

 

						頁面
			Glossary of Key Terms			3
第I部分
項目 1。			基本報表			9
項目 2。			Management's Discussion and Analysis of Financial Condition and Results of Operations			61
第 3 項。			市場風險的定量和定性披露			107
條款 4。			控制和程序			107
第二部分
項目 1。			法律訴訟			108
項目1A。			風險因素			108
項目 2。			未註冊的股票股權銷售和籌款用途			111
第 3 項。			對優先證券的違約			111
第 4 項。			礦山安全披露			111
項目5。			其他信息			111
項目6。			展示資料			113

2

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目錄

關鍵術語詞彙表

急診室						石棉和環保母基
收購成本						這些成本直接與成功獲取新的保險合同或更新現有保險合同的努力有關，主要包括增量成本，如：佣金，券商費用，保險費稅和其他費用，在簽發合同或保單時發生。
ADC						不良發展賠付保障 - 一種追溯性再保險安排，將保險損失超過既定準備金並提供保護，直至合同約定金額。
調整rle						調整止賠責任收益 - 通過將調整的先前期發展除以平均調整後的淨損失準備金來計算的非通用會計原則財務指標。有關協調信息，請參見「非通用會計原則財務指標」。
調整後的ROE						根據將恩斯塔普通股東的調整後營業利潤（損失）除以調整後的開放式恩斯塔普通股東權益計算的非GAAP財務指標。請參閱「非GAAP財務指標」進行調解。
調整後TIR						根據調整後的總投資回報除以平均調整後的總可投資資產計算的非GAAP財務指標。請參閱「非GAAP財務指標」進行調解。
可供出售金融資產						可供出售
ALAE						經分配的損失調整費用
安聯						安聯股份有限公司
AmTrust						安信金融服務公司，Inc。
年化的						將季度結果或年初至今結果乘以四，然後除以適用年初至今期間已過的季度數進行計算。
未實現其他綜合收益						累計其他綜合收益
APIC						其他資本公積
ASC						會計準則編碼
會計準則更新						會計準則更新
Arden						Arden 再保險有限公司
中庭						阿特利姆承保集團有限公司
bps						點子（點）
Banco Macro						百慕大金融管理局
保險資本風險標準						百慕大償付能力要求
每股淨資產						每股普通股賬面價值 - 由恩斯塔普通股股東權益除以普通股份的數量計算得出的GAAP財務指標。
Cavello						Cavello Bay再保險有限公司，一家全資子公司
CODM（首席運營決策人）						首席運營決策者
Citco						Citco III有限公司
首席法律官						抵押貸款義務
核心特色						核心特色保險控股有限公司
DCo						DCo有限責任公司
被告A&E責任						被告石棉和環保責任 - 與物業相關的賠償和辯護費用以及未決和未來索賠的數額，以及與環境責任相關的數額
DCA						遞延費用資產 - 最初的追溯再保險協議成立時，預估的最終賠付損失超過獲得的對價，隨後在預估賠償期內攤銷的金額。
DGL						遞延獲利負債 - 在追溯再保險協議成立時，獲得的對價超過預估的最終賠付損失，並隨後在預估的賠償期內攤銷的金額。
Eb Trust						恩斯塔集團有限員工福利信託

3

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目錄

關鍵術語詞彙表

增強版 Re						增強再保險有限公司
Enstar						英星集團有限公司及其合併子公司
英星金融						Enstar金融有限責任公司
秋天						勞埃德基金——以現金、證券、信用證或其他經批准的資本工具形式存款，滿足支持勞埃德集團承保能力的資本要求。
FDBVPS						全面攤薄後的每股普通股賬面價值——非公認會計准則財務指標，計算方法是將Enstar普通股股東權益除以已發行普通股數量，並根據已授予和尚未歸屬的股權獎勵進行調整（類似於攤薄後每股收益的計算）。有關對賬，請參閱第7項中的 「非公認會計准則財務指標」。
持有的資金						根據再保險協議，用應付給再保險公司的保費開立的帳戶，帳戶餘額記入投資收益，並扣除已支付的損失。
再保險公司持有的資金						持有的資金，如上所述，我們獲得固定的貸記回報率或其他合同約定的持有資產回報率。
持有的資金-直接管理						持有的資金，如上所述，我們獲得持有資產的實際投資組合回報。
未來的保單持有人福利						與人壽再保險合同相關的負債，基於預期的未來現金流和死亡率的現值。
GCm 基金						GCm Blue Sails 基礎設施離岸機會基金，L.P.
IAG						澳大利亞保險集團
IBNR						已發生但未報告——已發生的未申報索賠的估計賠償責任，以及對已報告的索賠可能與既定個案儲備金不同的金額以及已結索賠重新審理的可能性的估計。
ILS						保險掛鉤證券
可投資資產						總投資、現金和現金等價物、限制性現金和現金等價物以及持有的資金的總和
JSOP						聯合持股計劃
晚期						損失調整費用
勞埃德						該術語可以指由個人和公司承保成員組成的協會，他們作爲一個或多個辛迪加的成員彙集和分散風險，也可以指勞埃德公司，後者監管勞埃德市場併爲其提供支持服務
LOC						信用證
哈哈哈哈的						損失投資組合轉移-追溯性再保險交易，將已經產生的損失義務割讓給再保險公司，但須遵守任何規定的限額
合併						一系列合併使公司作爲Elk Bidco Limited的全資子公司在合併中倖存下來。Elk Bidco Limited是一家根據百慕大法律成立的豁免股份有限公司
合併協議						Enstar Group Limited與Elk Bidco Limited簽訂了合併協議和計劃，後者由Sixth Street Partners, LLC的關聯公司管理或諮詢的投資工具的股權承諾提供支持。
紀念碑 Midco						Monument Midco Limited，Monument Re 的全資子公司
紀念碑 Re						豐碑保險集團有限公司
摩爾斯科技						摩爾斯科技有限責任公司
導航						資產淨值
NCI						非控股權益
新業務						重大交易，通常採取再保險或直接業務轉讓或企業收購的形式。
NIFO						對外業務的淨投資
北岸						北岸控股有限公司
OLR						未清損失準備金-已申報和應計但截至資產負債表日尚未支付的索賠準備金。
家長						Elk Bidco 有限公司

4

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目錄

重要術語詞彙表

每股盈利						百分點
PPD						先前期間發展-與前期年度建立的損失準備相關的當前年度損失估計變更
股權投資基金						有限合夥和有限責任公司的投資
QBE						QBE Insurance Group Limited
RACQ						RACQ 保險有限公司
Reinsurance to close (RITC)						一項業務交易，將與勞氏聯合會某個年度帳戶的估計未來責任轉移為同一或不同勞氏聯合會的後續年度帳戶，以換取保費。
用於損失和賠款準備金						管理層對截至資產負債表日期的結算損失成本的最佳估計。這包括截留責任損失和已發生但未報告的損失。
追溯再保險						為過往損失事件提供關於損失和賠款準備的補償合同。
RLE						Run-off liability earnings – GAAP-based financial measure calculated by dividing prior period development by average net loss reserves.
RNCI						可贖回的非控股權益
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
清盤						A line of business that has been classified as discontinued by the insurer that initially underwrote the given risk
清盤投資組合						一組保險政策被歸類為清盤。
美國證券交易委員會						美國證券交易委員會
SGL 第一號						SGL 第一號 有限公司
Sixth Street。						第六街合夥人, LLC
SSHL						StarStone Specialty Holdings Limited
StarStone International						StarStone的非美國業務
StarStone美國						StarStone美國控股有限公司及其附屬公司
Stone Point						Stone Point Capital LLC
TIR						總投資回報- 根據將適用期間內的總投資回報（包括其他綜合收益）除以平均總可投資資產計算的GAAP財務指標
Trident V Funds						Trident V, L.P.，Trident V Parallel Fund, L.P.和Trident V Professionals Fund, L.P.
美國通用會計原則						美國公認會計原則
ULAE						未分配的損失調整費用-與運行成本相關的損失調整費用，用於預估運行的支出，如內部索賠管理或相關營運支持成本。
未賺取的保費						保單保費的未到期部分將在保險合同剩餘期限內收取。
VIE						變量利益實體

5

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目錄

關於前瞻性陳述的謹慎聲明

本季度報告和此處引用的文件包含構成《證券交易法》第21E條的“前瞻性話語”，就我們的財務狀況、營運成果、業務策略、運營效率、競爭優勢、增長機會、管理層計劃和目標，以及我們證券市場、保險和再保險行業的市場而言。

包括「估計」、「預計」、「計劃」、「打算」、「期望」、「預期」、「相信」、「會」、「應該」、「可能」、「尋求」、「可以」和類似的未來或前瞻性質的陳述均識別為根據聯邦證券法或其他用途的前瞻性陳述。

所有板塊前瞻性陳述必然是估算或預期，而不是歷史事實的陳述，反映了我們管理層的最佳判斷，並涉及多種風險和不確定性，這可能導致實際結果與前瞻性陳述所暗示的結果有重大差異。

因此，這些前瞻性聲明應考慮各種重要因素，包括本報告及我們截至2023年12月31日的10-K年報中列出的一些因素，這些因素可能會導致實際結果與前瞻性聲明所暗示的結果存在重大差異。這些風險因素包括：

•依本文件所定義的合併的完成，按照預期的條款和時間進行；

•滿足其他條件以完成合併，包括獲得所需的監管批准；

•合併過程中我們的股價可能波動的風險，以及如果合併未能完成，股價可能會下跌；

•與合併相關的潛在訴訟可能對我們或我們的董事、經理或高管提出，包含任何相關結果的影響；

•Merger可能帶來的中斷風險（包括某些客戶有權在變更控制權時終止或修改合同）可能損害我們的業務，包括當前計劃和運營，包括合併進行時；

•我們保留和招聘關鍵人員的能力；

•管理層的時間和注意力從日常業務運營轉移到合併和整合事宜的完成；

•潛在的不利反應或因合併公告或完成而引起的業務關係變化;

•立法、監管和經濟發展；

•潛在的業務不確定性，包括在合併進行期間可能影響我們財務表現的現有業務關係變化；

•在擬議合併的執行期間，某些限制可能影響我們追求某些業務機會或戰略交易的能力;

•不可預測性和災難事件的嚴重性，包括但不限於恐怖主義行為、戰爭或敵對行動爆發或全球疫情，以及管理層對上述任何因素的應對；

•併購可能比預期更昂貴完成，包括因意外因素或事件導致。

•與合併相關的意外費用、負債或延誤；

•競爭對手對合併的回應；

•任何事件、變更或其他情況的發生，可能導致合併終止，包括在要求我們支付終止費用的情況下。

•存在著我們的優先股持有者在合併中將收到的存託股票所代表的新發行優先股沒有活躍交易市場的風險，並且可能無法發展出來；

6

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目錄

關於前瞻性陳述的謹慎聲明

•我們損失準備金的充足性以及隨著時間推移調整這些儲備的必要性，包括新興索賠和保障問題以及可能影響損失儲備充足性的爭端。

•與我們的收購相關的風險，包括我們評估機會的能力、成功定價收購、應對運營挑戰、支持我們的計劃增長，以及將收購的投資組合和公司整合進我們的內部控制系統中，以維持有效的內部控制、提供可靠的財務報告和防止詐騙；

•氣候變化風險及其對我們運行業務和投資回報的潛在影響。

•對適用於我們或我們子公司的稅法或法規的變化，包括百慕達企業所得稅，或我們或我們的非美國子公司可能遭受重大或顯著增加的美國或其他地方所得稅風險；

•美國人士持有我們普通股的風險，可能因相關人員的保險收入而面臨不利的美國稅收後果；

•與我們獲得監管批准的能力相關的風險，包括任何此類批准的時間、條件和條款，以及滿足與我們的收購協議相關的其他成交條件，這可能會影響我們完成收購的能力；

•關於法定資本要求變動性的風險，以及我們未來可能需要額外資本的風險，該資本可能無法取得，或僅能以不利條件取得；

•我們的再保險子公司可能無法根據再保險合同向讓渡公司提供所需的擔保，包括通過使用信用證。

•關於我們轉分保的風險，涉及其可獲取性和可收回性；

•我們子公司分發所有基金類型給我們的能力，以及對我們流動性的影響；

•由於外幣兌換率波動而造成的損失；

•我們投資組合價值和投資收入的風險可能因市場波動和經濟狀況（包括與利率期貨、信用利差和股權價格相關的風險）而大幅下降，這導致我們可能因投資組合價值下跌而實現虧損（如果我們選擇或被要求出售有未實現虧損的投資）。

•風險涉及我們如何構建投資以滿足我們的流動性需求。

•與我們在替代資產類別和合資企業中的戰略投資相關的風險，這些投資流動性差且可能波動性大；

•與我們準確評估投資能力相關的風險，這需要的方法、估算和假設可能高度主觀，而其不準確性可能對我們的財務控制項產生不利影響；

•與我們的流動性需求和投資組合結構相關的風險可能會對我們的投資組合表現和財務業績產生不利影響；

•與我們所操作的複雜監管環境相關的風險，包括持續或未來的行業監管發展可能會擾亂我們的業務，影響我們的子公司正常運營或向我們分配的能力，或要求在行業實踐中進行改變，從而增加我們的成本，減少我們的收入，或要求我們改變我們的業務方式的某些方面;

•與制裁及海外貪污行為相關的法律與法規風險，違反這些法規可能會對我們的財務控制項和營運結果產生不利影響；

•我們部分董事、大股東及其聯屬公司擁有可能產生利益衝突的利益，可藉由相關交易產生。

•外包供應商可能違反對我們的義務，這可能對我們的業務和營運結果產生不利影響的風險；

7

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目錄

關於前瞻性陳述的謹慎聲明

•操作風險，包括網絡安全事件、外部危害、人為失誤或其他與我們的資訊科技系統相關的困難，可能會擾亂我們的業務或導致關鍵和機密資訊的損失、成本增加；以及

•我們的股份所有權所涉及的風險，源於我們的章程某些條款及我們作為百慕達公司之身份。

上述因素不應被解釋為詳盡無遺，並應與我們截至2023年12月31日的年度報告的風險因素一同參考，以及截至2024年9月30日的本季度報告。 我們不承擔公開更新或審查任何前瞻性聲明的義務，無論是反映我們對此的預期變化，或是由於新信息、未來發展或其他原因，除非法律要求。

8

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目錄

第一部分-財務信息

項目 1. 基本報表

基本報表合併財務報表			頁面
未經審計的截至2024年9月30日和2023年12月31日的綜合賬戶平衡表			10
未經審核的綜合環保母基利潤簡表，截至2024年和2023年9月30日三個月和九個月。 未經審核的綜合環保母基綜合收益簡表，截至9月30日三個月和九個月。			11
未經審核的綜合環保母基收入簡表，截至9月30日三個月和九個月。 未經審核的綜合環保母基收入簡表，截至9月30日三個月和九個月。，2024年和2023年			12
未經審核的簡明合併股東權益變動表，截至2024年和2023年九月三　　個月結束時 截至2024年和2023年九月三　　個月結束時的基本報表			14
未經審計的現金流量表摘要 截至九月三　　十日九個月結束時，2024年和2023年			15
附註：未經查核之縮表合併財務報表注釋。			17
附註1 - 合併協議			17
附註2 - 報表編製基礎			18
第三項 - 重要新業務和業務收購			20
第四項 - 業務部門資訊			21
第五項 - 投資			23
第六項 - 衍生品及避險工具			30
第七項 - 預付費資產			33
第八項 - 損失及損失調整開支			33
第九項 - 未來保單持有人福利			37
第十項 - 被告石棉及環保母基責任			39
第11項 - 公允價值衡量			40
第12項 - 變量興趣實體			48
附註13 - 商譽和無形資產			49
附註14 - 非控股權益			50
附註15 股東權益			51
附註16 每股盈利			55
附註17 相關方交易			56
附註18 - 承諾與可能存在之事項			59
附註 19 - Subsequent Events			60

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

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目錄

恩斯塔集團有限公司

未經審計的簡明綜合賬目表

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
						(以百萬美元計算，除共享數據外)
資產
短期投資，交易，按公允價值計量						$	4								$	2
短期投資，按公允價值計量的可供出售資產（攤銷成本：2024年 — $206; 2023 — $62)						207									62
固定到期日的投資，交易，按公允價值計量						1,572									1,949
固定到期日的投資，按公允價值計量的可供出售資產（攤銷成本：2024年 — $5,416; 2023 — $5,642; 扣除準備金：2023年 — $16)						5,177									5,261
持有基金						4,626									5,251
股票，按公允價值計算（成本：2024年 — $592; 2023 — $615)						787									701
其他投資，按公允價值計算（包括合併的變量利益實體：2024年 - $104; 2023 - $59)						4,145									3,853
權益法投資						303									334
總投資（附註5 和 附註11)						16,821									17,413
現金及現金等價物（包括整合的變量利益實體：2023年 — $8)						572									564
受限現金及現金等價物						464									266
應計利息應收款						63									71
可追索的再保險餘額，針對已付及未付的損失 （淨額的備抵：2024年 — $121; 2023 — $131)						535									740
可追索的再保險餘額，按公允價值（附註11)						200									217
保險可回收餘額（扣除準備金：2024 — $4; 2023 — $5) (附註10)						166									172
淨遞延費用資產（附註7)						662									731
其他資產						773									739
總資產						$	20,256								$	20,913
負債
損失及損失調整費用 (附註8)						$	10,164								$	11,196
損失及損失調整費用，以公允價值計算 (附註8 和 附註11)						1,108									1,163
被告的石棉及環保母基責任（附註10)						523									567
付款的保險和再保險餘額						48									43
債務義務						1,833									1,831
其他負債（包括合併的變量利息實體：2024年和2023年 — $1)						481									465
负债合计						14,157									15,265
承諾事項與可能負擔之事項 (附註18)
股东权益 (附註15)
普通股（面值$1 每股，已發行及流通2024年： 15,231,805; 2023: 15,196,685)						15									15
優先股：
D系列優先股（已發行及流通2024年和2023年： 16,000；清算優先權$400)						400									400
E系列優先股（已發行及流通2024年和2023年： 4,400；清算優先權$110)						110									110
庫藏股，按成本計算：
C系列優先股（所有於2024年和2023年發出的股票均由國庫持有： 388,571)						(422)									(422)
共同分享擁有計劃（投票普通股，於2024年和2023年由trust持有： 565,630)						(1)									(1)
資本公積額額外增資						593									579
累積其他全面損失						(221)									(336)
保留盈餘						5,583									5,190
總恩斯塔股東權益						6,057									5,535
非控制權益 (附註14)						42									113
股東權益總額						6,099									5,648
負債和股東權益總額						$	20,256								$	20,913

請參閱未經核數的簡明合併基本報表附註。

恩斯塔 集團有限公司 | 2024年第三季 | 10-Q 表格　　　　　　　　　10

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目錄

恩斯塔集團有限公司

未經查證的簡化綜合損益表

截至2024年及2023年9月30日的三個月及九個月

			截至九月三十日的三個月												截至九月三十日的九個月。
			2024						2023						2024						2023
			(以百萬美元計算，除分享及每股數據外)
營收
已賺取淨保費			$	11					$	14					$	27					$	29
净投资收益			163						143						478						471
實現淨收益（損失）			17						(12)						2						(55)
交易證券、公允價值變動、所有基金类型及其他投資			229						18						400						222
其他收入（損失）			3						(2)						2						280
總營業收入			423						161						909						947
費用
凈發生損失與損失調整費用
本期			6						5						15						18
往期			(9)						(15)						(95)						(35)
總凈發生損失與損失調整費用			(3)						(10)						(80)						(17)
凈遞延資產攤銷			27						34						86						75
收購成本			4						—						6						6
一般及行政費用			110						91						295						265
商譽減值			63						—						63						—
利息支出			22						22						67						67
凈外匯損失（收益）			23						(23)						15						(24)
總費用			246						114						452						372
稅前收益(損失)			177						47						457						575
所得稅效益（費用）			—						7						(3)						12
(虧損) 來自股權法之投資收益			(16)						(3)						(29)						22
凈利潤			161						51						425						609
減：非控制權益所享有之淨利潤			(4)						(4)						(5)						(99)
歸屬於恩斯塔的凈利潤			157						47						420						510
優先股息			(9)						(9)						(27)						(27)
歸屬於恩斯塔普通股股東的凈利潤			$	148					$	38					$	393					$	483
歸屬於恩斯塔普通股股東的每股收益：
基本			$	10.09					$	2.46					$	26.81					$	30.26
攤薄			$	9.84					$	2.43					$	26.16					$	30.05
加權平均流通普通股數：
基本			14,666,153						15,464,824						14,657,391						15,962,910
攤薄			15,043,766						15,606,105						15,024,831						16,070,925

請參閱未經核數的簡明合併基本報表附註。

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

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目錄

恩斯塔集團有限公司

未經審核的綜合收益彙編簡明合併財務報表。

截至2024年及2023年9月30日的三個月及九個月

 

			截至三個月 九月三十日，												九個月結束 九月三十日，
			2024						2023						2024						2023
			(以億美元計算)
凈利潤			$	161					$	51					$	425					$	609
其他綜合損益（淨利潤稅後）：
報告期內出現的可供出售固定到期收益(損失)未實現增值			161						(94)						125						(71)
更改認列在凈利潤中承認的信用損失准備金之再分類調整			(14)						(1)						(15)						(5)
再分類調整净实现（收益）损失，包含在凈利潤中			(2)						13						13						60
期間內產生的未實現利益（損失），扣除再分類調整後的净额			145						(82)						123						(16)
再分類調整重新衡量未來保單持有人利益，包含在凈利潤中			—						—						—						(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
所有其他綜合收益（損失）之金額			136						(82)						115						(356)
綜合收益（損失）			297						(31)						540						253
減：其他不屬於母公司股東應佔的全面收益			(4)						(4)						(5)						(11)
歸屬於恩斯塔的綜合損益			$	293					$	(35)					$	535					$	242

請參閱未經核數的簡明合併基本報表附註。

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

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目錄

恩斯塔集團有限公司

未經審核的簡要合併股東權益變動表

截至2024年9月30日和2023年9月30日三個月結束

			股本
																					優先股												庫藏股
			Voting Ordinary Shares																								D系列						E系列						C系列優先股						JSOP						額外認股權股票						其他綜合損益						保留盈餘						恩斯塔股東權益總額						新華保險						股東權益總額
			(以美元百萬計)
截至2024年9月30日的三個月
截至2024年6月30日的餘額			$	15																							$	400					$	110					$	(422)					$	(1)					$	591					$	(357)					$	5,435					$	5,771					$	109					$	5,880
歸屬於恩斯塔或非控股權之淨利潤			—																								—						—						—						—						—						—						157						157						4						161
優先股息			—																								—						—						—						—						—						—						(9)						(9)						—						(9)
股份補償攤銷			—																								—						—						—						—						8						—						—						8						—						8
其他綜合收益，扣除稅項後			—																								—						—						—						—						—						136						—						136						—						136
非控股權的贖回			—																								—						—						—						—						—						—						—						—						(70)						(70)
其他			—																								—						—						—						—						(6)						—						—						(6)						(1)						(7)
截至2024年9月30日的結餘			$	15																							$	400					$	110					$	(422)					$	(1)					$	593					$	(221)					$	5,583					$	6,057					$	42					$	6,099
截至2023年9月30日的三個月
2023年6月30日的結餘			$	16																							$	400					$	110					$	(422)					$	(1)					$	447					$	(488)					$	4,851					$	4,913					$	11					$	4,924
凈利潤歸屬於恩斯塔或持有非控股權益者（不包括可以贖回的非控股權益）			—																								—						—						—						—						—						—						47						47						—						47
優先股息			—																								—						—						—						—						—						—						(9)						(9)												(9)
股份補償攤銷			—																								—						—						—						—						8						—						—						8						—						8
其他綜合損失，稅後			—																								—						—						—						—						—						(82)						—						(82)						(1)						(83)
自2023年9月30日之結餘			$	16																							$	400					$	110					$	(422)					$	(1)					$	455					$	(570)					$	4,889					$	4,877					$	10					$	4,887

請參閱未經核數的簡明合併基本報表附註。

恩斯塔 集團有限公司 | 2024年第三季 | 10-Q表格                 13

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目錄

恩斯塔集團有限公司

未經審核的簡要合併股東權益變動表

截至2024年9月30日和2023年九個月結束時

			股本 (1)
									無投票權可轉換普通股															優先股												庫藏股
			有投票權普通股						C系列																		D系列						E系列						C系列優先股						JSOP						額外認股權股票						其他綜合損益						保留盈餘						總恩斯塔分享者的資產淨值						新華保險						股東權益總額
			(以美元百萬計)
截至2024年9月30日的九個月
截至2023年12月31日之餘額			$	15					$	—																	$	400					$	110					$	(422)					$	(1)					$	579					$	(336)					$	5,190					$	5,535					$	113					$	5,648
歸屬於恩斯塔或非控股權益的凈利潤			—						—																		—						—						—						—						—						—						420						420						5						425
優先股息			—						—																		—						—						—						—						—						—						(27)						(27)						—						(27)
股份補償攤銷			—						—																		—						—						—						—						24						—						—						24						—						24
收購子公司非控股股東的權益			—						—																		—						—						—						—						—						—						—						—						(6)						(6)
其他綜合收益，扣除稅項後			—						—																		—						—						—						—						—						115						—						115						—						115
贖回非控制性權益			—						—																		—						—						—						—						—						—						—						—						(70)						(70)
其他			—						—																		—						—						—						—						(10)						—						—						(10)						—						(10)
截至2024年9月30日的結餘			$	15					$	—																	$	400					$	110					$	(422)					$	(1)					$	593					$	(221)					$	5,583					$	6,057					$	42					$	6,099
2023年9月30日止九個月
2022年12月31日的結餘			$	16					$	1																	$	400					$	110					$	(422)					$	(1)					$	766					$	(302)					$	4,406					$	4,974					$	186					$	5,160
屬於恩斯塔或非控制性權益的凈利潤（不包括可贖回的非控制性權益）			—						—																		—						—						—						—						—						—						510						510						86						596
優先股息			—						—																		—						—						—						—						—						—						(27)						(27)						—						(27)
回購普通股			—						(1)																		—						—						—						—						(339)						—						—						(340)						—						(340)
股份補償攤銷			—						—																		—						—						—						—						22						—						—						22						—						22
收購子公司內非控股股東的權益			—						—																		—						—						—						—						9						—						—						9						(175)						(166)
其他綜合損失，稅後			—						—																		—						—						—						—						—						(268)						—						(268)						(90)						(358)
其他			—						—																		—						—						—						—						(3)						—						—						(3)						3						—
自2023年9月30日之結餘			$	16					$	—																	$	400					$	110					$	(422)					$	(1)					$	455					$	(570)					$	4,889					$	4,877					$	10					$	4,887

(1) 2023年3月份回購並註銷的C和E系列非表決可換股股份之所有面值金額均低於$，故未包含在這些表格中。1百萬。

請參閱未經核數的簡明合併基本報表附註。

恩斯塔 集團有限公司 | 2024年第三季度 | 10-Q表格 14

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目錄

恩斯塔集團有限公司

未經查核簡明財務報表現金流量表

截至2024年9月30日和2023年九個月結束時

			截至九月三十日的九個月。
			2024						2023
			(以百萬美元計)
營運活動：
凈利潤			$	425					$	609
將凈利潤調整為營運活動所提供的現金流量:
已實現的（收益）損失於投資			(2)						55
交易證券、公允價值變動、所有基金类型及其他投資			(400)						(222)
商譽減值			63						—
凈遞延資產攤銷			86						75
折舊、增值及其他攤銷			(8)						5
Enhanced Renovation的淨收益			—						(275)
股權法投資的損失（收益）			29						(22)
其他調整			4						(11)
變動情況：
可追索的再保險餘額，針對已付及未付的損失			226						145
損失和損失調整費用			(1,152)						(10)
被告的石棉及環保母基責任			(44)						(35)
付款的保險和再保險餘額			5						164
其他經營資產及負債			13						(171)
持有基金			701						(504)
來自（或使用於）經營活動的現金：
針對增強型翻新所支付的現金對價			—						94
出售和到期的交易證券			592						1,065
交易證券的購買			(178)						(659)
經營活動所提供之淨現金流入			360						303
投資活動：
可供出售證券的買賣與到期			1,487						1,571
購買可供出售證券			(1,433)						(1,589)
其他投資的購入			(673)						(610)
其他投資的收益			473						424
來自於股權法投資的收益			20						—
其他			1						11
投資活動使用的現金流量			(125)						(193)
籌資活動：
優先股息			(27)						(27)
回購股份			—						(340)
收購非控制權益			(6)						(175)
筹资活动中的净现金流量（流出）			(33)						(542)
匯率變動對外幣現金及現金等價物的影響			4						(14)
現金及現金等價物的淨增加（減少）			206						(446)
現金、現金等價物及受限現金，期初			830						1,330
期末現金、現金等價物及限制性現金餘額			$	1,036					$	884

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

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目錄

補充現金流量資訊：
所得稅（已收取）支付，扣除退款後的淨額			$	(14)					$	7
支付利息			$	76					$	66
與合併資產負債表的調節：
現金及現金等價物			$	572					$	497
受限現金及現金等價物			464						387
現金、現金等價物和受限制的現金			$	1,036					$	884
非現金營運活動：
未來保單持有人福利的轉讓			$	—					$	828
直接管理的資金在未來保單持有人福利的轉讓中進行交易所轉移			—						(949)
在未來保單持有人福利的轉讓中轉移的其他資產/負債			—						(62)
與參加Atrium的Syndicate 609結算相關的損失及損失調整費用轉移			—						173
與參加Atrium的Syndicate 609結算相關的投資轉移			—						(173)
非現金投資活動：
尚未結算的可供出售證券及其他投資的購買			$	(26)					$	11
尚未結算的可供出售證券及其他投資的銷售			108						(11)
以承接再保險合約負債為對價，收到warrants。			16						—
以承接再保險合約負債為對價，收到AFS證券。			22						113
贖回投資基金中的非控制性權益。			(70)						—
非現金籌資活動:
贖回投資基金中的非控制性權益。			70						—

請參閱未經核數的簡明合併基本報表附註。

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

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目錄

恩斯塔集團有限公司

未經審核簡明綜合財務報表附註

1. 合併協議

2024年7月29日，恩斯塔集團有限公司（以下簡稱“公司”、“我們”或“我們的”）與Elk Bidco有限公司（以下簡稱“母公司”），一家根據百慕達法律成立的有限股份公司，簽署了一份併購協議和計劃（以下簡稱“併購協議”）。母公司由Sixth Street Partners, LLC（“Sixth Street”）的附屬公司管理或提供股權承諾支持。根據併購協議，將進行一系列併購（統稱為“併購”），導致公司成為母公司的全資子公司。

根據合併協議的條款，公司已發行且流通的所有普通股，面值$1.00 每股，將換算為每普通股獲得$338 現金，除了由第六街和某些股東持有的股份，他們將重新投資於合併實體。支付予我們股東的總代價約為$5.1十億。完成合併仍須符合某些條件，包括某些監管機構的批準。合併預計將於2025年年中完成。

根據合併協議，在合併完成前，任何公司的限制股獎勵、限制股單位獎勵、延遲股獎勵以及績效股份一般將確認歸屬並包括在考慮中。作為考慮的一部分，恩斯塔同意返還約$500百萬給公司的股東，這已包括在總計$338 每股普通股現金中。在交易完成後，公司將不再在公開市場上市，並將成為一家私人持有的公司。

合併協議包含公司和第六街在發生某些事件時的終止權利，包括但不限於：

1.如果合併的完成在2025年7月29日（「成交日期」）之前沒有發生；但如果在2025年7月29日之前，由於所有必要的適用法規批准未能以可接受的條件獲得，而合併的實效時間尚未發生，但滿足了成交的所有其他條件（除了那些必須在成交時滿足的條件，每一條件均可滿足）或（在法律允許的範圍內）被放棄，成交日期將自動延長另一個 剩余的六个月，即2024年12月31日屆滿时和2025年12月31日結束时。;

2.如果公司希望終止合併協議並與何須提出（如合併協議所定義）的優越方案有關的明確協議；和

3.如果第六街希望在發生合併協議中所定義的特定債務違約事件時終止合併協議。

在特定情況下終止併購協議，包括但不限於公司因董事會修改建議或為了達成優越提議而終止，公司將需要支付Sixth Street終止費用$145百萬。此外，在某些情況下，如果Sixth Street終止併購協議，將需要支付公司終止費用$265百萬，或者若Sixth Street基於指定債務違約事件終止併購協議，終止費用將為$971000萬美元。

與合併結束有關的費用和其他支出估計區間為$90百萬提高至$105百萬，用於諮詢和顧問、法律服務以及與員工相關的獎金。這些或有費用和支出將不會被累計，並將在合併結束的期間在我們的基本報表中確認，並將使用我們的財務資源支付，而不會來自任何合併對價（該對價完全支付給普通股東）。

與併購無關的費用，如法律服務費、申報費、行政費用和員工費用已於本基本報表內列為支出。

恩斯塔 集團有限公司 | 2024年第三季 | 表格10-Q                 17

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目錄

項目 1 | 未經審核的簡明合併基本報表附註 | 註 1. 合併協議

在2024年11月6日召開的股東大會上，公司的股東批准了一項批准合併協議的提案。公司和第六街正在努力完成合併，預計將於2025年中期獲得所有必要的監管批准。

2. 呈報基礎

恩斯塔集團有限公司是一家領先的全球保險集團，通過其在百慕達、美國、英國、歐洲大陸和澳洲的集團公司網絡提供創新的資本釋放解決方案。我們的核心重點是收購和管理在運行中的保險公司和保險業務組合。

這些未經審計的簡明合併基本報表及相關附註是根據美國普遍採用會計原則（"U.S. GAAP"）為臨時財務信息而編製，並符合表格10-Q的指示及證券交易委員會（"SEC"）規則與規定的第10條。因而，它們並不包含U.S. GAAP對完整合併基本報表所要求的所有財務信息和附註披露。

根據管理層的意見，這些未經審核的簡要合併基本報表反映了所有調整，這些調整通常是正常且經常性的，對於公正地陳述中期財務結果是必要的。所有的公司間賬目和交易均已刪除，某些比較資訊也已重新分類，以符合目前的呈現形式。

任何中期的經營結果未必能反映整個年度的結果。這些未經審核的簡明綜合基本報表及相關附註應與我們截至2023年12月31日的年報10-k表格中包含的綜合基本報表及相關附註一起閱讀。

尚未採用的會計宣告最近已經發佈。

ASU 2023-07 - 報告性分段披露的改進

在2023年11月，FASB發布了ASU 2023-07，其中包括對主題280 段落報告的以下修訂：

•就重要業務部門支出，每年和每半年披露，這些支出定期提交给最高營運決策者（”CODM“），並包含在利潤或損失的業務部門指標內；

•每年及中期披露報告可分部的其他項目金額及其組成的描述;

•在過渡期間披露有關可報告板塊的盈利或虧損及資產的所有年度披露，這些披露目前由主題280要求。

•澄清，如果CODm在評估部門績效並決定資源分配時使用多於一項措施，則實體不會被禁止報告一個或多個額外的部門利潤或損失。

•揭示CODm的標題和職位，以及解釋CODm如何使用報告的部門利潤或損失數據來評估部門績效並決定如何分配資源；並

•要求擁有單一可報告部門的實體提供ASU 2023-07修訂所要求的所有披露，以及主題280中所有現有的部門披露。

這些修改自2023年12月15日後開始的年報告期間和自2024年12月15日後開始的中期報告期間生效，並必須追溯地應用於所有之前呈現的報告期。允許提前適用。

採用 ASU 2023-07 將要求我們擴大我們的分部披露。我們將在截至 2024 年 12 月 31 日的年度基本報表中，以及從 2025 年開始的中期時段採用這個 ASU。

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

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目錄

項目 1 | 未經審計的簡明合併基本報表附註 | 附註 2. 呈報基礎

ASU 2023-09 - 改進所得稅披露

2023年12月，FASB發布了ASU 2023-09，其中包括對主題740所得稅的以下修訂:

•每年披露費率對帳中的特定類別；

•每年披露符合量化門檻的調整項目的附加資訊（如果這些調整項目的影響等於或大於將稅前收入（或損失）乘以適用法定所得稅稅率計算的金額的5%）；

•每年披露所支付的所得稅金額（扣除已收回的退款），並按聯邦（國家）、州及外國稅收分類。

•每年披露所繳納的所得稅金額（扣除所獲退款後）按各司法管轄區分項，這些區域的所得稅金額（扣除所獲退款後）如等於或高於繳納的總所得稅金額（扣除所獲退款後）的5%；

•揭露在所得稅費用（或利益）之前，來自繼續營運的淨收入（或損失）在國內和國外之間的細分；

•披露來自持續營運的所得稅費用（或收益），按聯邦（國家）、州和外國進行劃分；

•取消披露未來12個月內未確認稅務利益餘額可能變動的性質和範圍估計之要求，或聲明無法估計範圍。

•當出於與附屬公司和公司合資企業有關的這些對推延稅項全面承認的例外因故未承認推延稅負債時，就不需要披露每種臨時差異的累計金額。

這些修訂自2024年12月15日後開始的年度報告期間生效，應該採用前瞻性應用，然而允許追溯應用。允許提前採用。

採用ASU 2023-09將要求我們擴展收入稅的披露。我們將在截至2025年12月31日的年度基本報表中前瞻性地採用此ASU。

ASU 2024-03 - 收入表費用的分類

在2024年11月，FASB發佈了ASU 2024-03，這導致了220-40小主題綜合收益報告 - 支出細項披露的增加，並包括以下修訂：

•披露與各有關費用標題內包括之員工補償、折舊、無形資產攤銷和某些其他成本和費用金額，並在同一披露中包括已根據現行普遍公認會計準則規定披露的某些金額；

•披露在相關費用項目中尚未單獨量化的餘額的定性說明；並且

•披露總銷售費用金額，並針對每年，解釋實體對銷售費用的定義。

這些修訂本條款自2026年12月15日後開始的年度報告期和自2027年12月15日後開始的中期報告期生效，必須順應應用，並且可以選擇回顧性應用。允許提前採用。

採納ASU 2024-03將要求我們擴大有關成本和費用的披露。我們目前正在確定採用新指引的期間。

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

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目錄

項目 1 │ 未經審查的簡明合併基本報表註釋 │ 註 3. 重大新業務和業務收購

3. 重要的新業務和業務收購

我們將新業務定義為重要交易，通常以再保險或直接業務轉移，或業務收購的形式進行。

已簽署並完成再保險協議

在截至2024年9月30日的九個月內，我們與R&Q（Accredited）和澳洲保險集團（"IAG"）達成再保險交易。此外，在2024年7月，我們與第三方資本平台達成了一項再保險交易，該平台利用保險連結證券（"ILS"）來為其風險提供資金，針對2019年和2020年的某些業務，因此恩斯塔獲得了$294 百萬的保費。

下表總結了我們在2024年1月1日至2024年9月30日期間完成的新再保險業務:

業務線												已收到對價						假設淨虧損儲備						DCA (1)																														交易類型						收購時的剩餘限額						司法管轄權
												（單位：百萬美元）
多元化組合，包括石棉、一般傷亡和工傷賠償												$	282					$	297					$	15																													LpT 和 ADC						$	111					美國、英國和 歐洲
財產災難和 COVID-19 風險												$	294					$	294					$	—																													哈哈哈哈的						各不相同(2)						全球
產品和公共責任、強制性第三方發動機、職業風險和工傷賠償												$	200					$	202					$	2																													ADC						$	240					澳大利亞

(1) 如果預計的最終賠付損失超過協議起初收到的對價，會記錄一個延期費用資產（「DCA」）。更多信息請參閱附註7。

(2) 限額因協議下每個個體受保合同而異。

2024年9月30日尚未關閉的再保險協議已簽署

以下表格概述了在2024年9月30日結束的九個月內，與SiriusPoint和QBE簽署但截至2024年9月30日尚未結束的新再保險業務。

業務線

協議日期

交易類型

預計儲量 (1)

（單位：百萬美元）

工傷補償 (2)

2024 年 4 月 30 日

哈哈哈哈的

$

400

美國商業責任、通用航空和工傷賠償 (3)

2024 年 8 月 8 日

哈哈哈哈的

371

總計

$

771

(1) 估計儲量在交易結束後可能會發生變化。

(2) 2024年10月1日交易已關閉。

(3) 2024年10月31日交易關閉。

截至2024年9月30日，已簽署的業務收購尚未完成

在2024年9月6日，我們簽署了一項協議以購買 100% 的有投票權和無投票權股份，涉及一家位於百慕大、屬於30億的再保險公司及分隔帳戶公司，預計購買價爲$46百萬美元。交易於2024年11月5日完成。交易完成後，我們將該再保險公司合併到Cavello Bay再保險有限公司（「Cavello」）中。

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

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目錄

項目1 | 未經審計的精簡綜合財務報表附註 | 附註4. 部門信息

4. 細分信息

我們的業務結構與我們的CODm，即首席執行官，對我們的業務的看法、績效評估以及向我們的業務元件分配資源的方式保持一致。從2024年1月1日起，我們的業務組織結構劃分爲 二 可報告的部門:(i) 週轉業務 和 (ii) 投資。此外，我們的企業和其他活動，不符合運營部門資格，包括與我們的可報告部門和以前的假設壽險和遺產覈保可報告部門相關的與收入和支出無直接關聯的項目。

自2024年1月1日起，我們的假設壽險和遺產承保報告業務板塊被認定不再符合報告業務板塊的定義，因爲在Enhanzed Re的多項保單交換和新保單交易以及SGL No. 1、Arden和Atrium之間的安排結算後，它們不再參與任何積極的業務活動。考慮到業務活動的停止，並且所有剩餘活動預計都不會產生重大影響，前假設壽險和遺產承保報告業務板塊的所有剩餘收入或支出將前瞻性地納入我們的企業及其他業務中。

之前的Assumed Life部分包括了Enhanzed Re的人壽和財產累積超過限額（災難）業務。 2022年8月，Enhanzed Re與Cavello Bay再保險有限公司（「Cavello」）以及安聯（Allianz）簽訂了一份主協議，根據該協議完成了一系列補償和移交協議，終止了該部分的任何繼續再保險義務。 由於報告有一季度的延遲，我們認可了在2022年第四季度結束的交易對2023年第一季度的影響。

遺產承保部門之前參與了直接承保活動，其中包括在2020年及之前的承保年中針對Atrium的609號辛迪加在勞埃德的參與。 252020年及之前的承保年中，參與比例爲百分之%s，抵消了將該業務結果合同性轉移給已剝離的Atrium實體的交易所交易。 所有剩餘的合同安排在2023年第二季度得到了解決。除了這些金額的結算外，2023年在遺產承保部門沒有記錄其他業務。

我們的資產由管理層以綜合基礎進行審查，以支持業務運營，涵蓋我們的兩個可報告板塊以及我們的公司和其他活動所需。我們不將資產分配給我們的可報告板塊，只有（再）保險賠付和未付賠付的收回餘額以及歸屬於清算板塊的商譽（所有商譽均歸屬於清算板塊），這些是可以直接歸屬於我們的可報告板塊的。

Enstar 集團有限公司 | 2024 年第三季度 | 10-Q 21 表格

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目錄

項目1 | 未經審計的精簡綜合財務報表附註 | 附註4. 部門信息

下表詳細列出了按部門和我們的公司及其他活動分類的部分未經審計的簡明綜合經營業績報告:

			截至三個月												截至九個月
			9月30日,												9月30日,
			2024						2023						2024						2023
			（以美元百萬計）
收入
清盤			$	16					$	15					$	38					$	40
投資			409						149						880						638
預計壽命 (1)			—						1						—						276
小計			425						165						918						954
公司及其他 (1)			(2)						(4)						(9)						(7)
總收入			$	423					$	161					$	909					$	947
(虧損)權益法下投資的收益
投資			$	(16)					$	(3)					$	(29)					$	22
部門淨 (虧損) 利潤
清算			$	(70)					$	(3)					$	(62)					$	(42)
投資			384						134						822						627
假定壽命 (1)			—						1						—						276
分部淨利潤			314						132						760						861
公司及其他 (1):
其他支出(2)			(2)						(4)						(9)						(7)
淨髮生的損失和損失調整費用（「LAE」） (3)			(27)						(16)						(28)						(37)
淨推遲收費資產的攤銷			(27)						(34)						(86)						(75)
一般和行政費用			(52)						(35)						(127)						(102)
利息支出			(22)						(22)						(67)						(67)
淨匯率期貨（損失）收益			(23)						23						(15)						24
所得稅收益（費用）			—						7						(3)						12
淨利潤歸屬於非控制權益			(4)						(4)						(5)						(99)
優先股分紅派息			(9)						(9)						(27)						(27)
總額-公司及其他虧損			(166)						(94)						(367)						(378)
歸屬於恩斯塔普通股股東的淨利潤			$	148					$	38					$	393					$	483

(1) 自2024年1月1日起，假設壽命和遺產承保被確定爲不再符合可報告部門的定義，它們的剩餘收入和損失活動將前瞻性地納入企業及其他活動中。2024年1月1日前的活動記錄在各自的部門中。此外，遺產承保在截至2024年和2023年9月30日的三個月和九個月內沒有營業收入或收入活動，因此在上表中被排除。

(2) 企業及其他活動的其他費用包括與收購DCo和Morse TEC相關的公允價值調整的攤銷。

(3) 企業及其他活動的淨髮生損失和損失調整費用包括與收購公司相關的公允價值調整，以及與我們選擇公允價值選項的假設追溯再保險合同相關的資產和負債的公允價值的折現率和風險利潤元件的變化。

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

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目錄

項目 1 | 未經審計註釋 精簡合併基本報表 | 附註 5. 投資

5. 投資

開空和固定到期投資

資產類型

以下基礎資產類別的公允價值如下所示：

			2024年9月30日
			短期投資，交易						短期投資，可供出售金融資產						固定到期日，交易						固定到期日，可供出售金融資產												總計
			（以美元百萬計）
美國政府和機構			$	—					$	186					$	22					$	236											$	444
英國政府			—						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
住房抵押貸款支持證券			—						—						52						394												446
商業按揭抵押支持			—						—						119						740												859
資產支持			—						—						67						784												851
總固定到期和開空期投資			$	4					$	207					$	1,572					$	5,177											$	6,960

			2023年12月31日
			開空期投資，交易						開空期投資，其他						固定到期，交易						固定到期，其他												總計
			（以美元百萬計）
美國政府和機構			$	—					$	38					$	76					$	212											$	326
英國政府			—						—						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
住房抵押貸款支持證券			—						—						55						432												487
商業按揭抵押支持			—						—						138						703												841
資產支持			—						—						117						767												884
總固定到期和開空投資			$	2					$	62					$	1,949					$	5,261											$	7,274

2024年9月30日，住房抵押貸款支持證券中包含了由美國政府機構發行的價值爲$的證券254 百萬（2023年12月31日：$306）。

截至2024年9月30日，商業抵押貸款支持證券中包括由美國政府機構發行的價值$的證券62 百萬（2023年12月31日：$73 百萬）。

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

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目錄

項目 1 | 未經審計註釋 精簡合併基本報表 | 附註 5. 投資

合同到期

我們短期和固定到期投資的合同到期日，被分類爲交易和可供出售（AFS）如下所示。實際到期可能與合同到期不同，因爲發行人可能有權在沒有看漲或預付款罰款的情況下進行提前贖回或預付款。

截至2024年9月30日						攤銷 成本						公允價值						% 總公平價值
						（以美元百萬計）
一年或更短時間						$	543					$	544					7.8		%
超過一年至五年						1,936						1,890						27.2		%
超過五年至十年						1,325						1,251						18.0		%
超過十年						1,378						1,119						16.1		%
住房抵押貸款支持證券						471						446						6.4		%
商業按揭抵押支持						898						859						12.3		%
資產支持						837						851						12.2		%
						$	7,388					$	6,960					100.0		%

可供出售短期和固定到期投資的未實現收益和損失

截至2023年10月，我們的可供出售短期和固定到期投資的攤銷成本、未實現的收益和損失、信貸損失準備金及公允價值如下：

												未實現的總收益額						毛額未實現虧損
截至2024年9月30日						攤銷成本												與信用無關的損失						信用損失準備						公允價值
						（以美元百萬計）
美國政府和機構						$	433					$	4					$	(15)					$	—					$	422
英國政府						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
住房抵押貸款支持證券						417						5						(28)						—						394
商業按揭抵押支持						772						4						(36)						—						740
資產支持						768						18						(2)						—						784
						$	5,622					$	80					$	(318)					$	—					$	5,384

												未實現收益總額						未實現虧損總額
截至 2023 年 12 月 31 日						攤銷成本												與信貸無關的損失						信用損失備抵金						公允價值
						（單位：百萬美元）
美國政府和機構						$	268					$	1					$	(19)					$	—					$	250
英國政府						49						3						(1)						—						51
其他政府						250						5						(8)						—						247
企業						3,040						23						(268)						(15)						2,780
市政的						107						1						(15)						—						93
住宅抵押貸款支持						466						3						(37)						—						432
商業抵押貸款支持						760						1						(57)						(1)						703
資產支持						764						10						(7)						—						767
						$	5,704					$	47					$	(412)					$	(16)					$	5,323

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

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目錄

項目 1 | 未經審計註釋 精簡合併基本報表 | 附註 5. 投資

持有至到期投資和定期存款投資的公允價值未實現虧損

以下表格總結了我們的短期和到期固定投資，被分類爲可供出售金融資產（AFS），處於總體未實現損失的位置，尚未記錄信用損失準備金，如下所述：

						大於等於12個月												不足12個月												總計
截至2024年9月30日						公允價值 價值						未實現總額 損失						公允價值 價值						未實現總額 損失						公允價值 價值						未實現總額 損失
						（以美元百萬計）
美國政府和機構						$	96					$	(13)					$	27					$	(2)					$	123					$	(15)
英國政府						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)
住房抵押貸款支持證券						215						(28)						14						—						229						(28)
商業按揭抵押支持						412						(31)						171						(5)						583						(36)
資產支持						30						(1)						151						(1)						181						(2)
總的短期和定期到期投資						$	2,448					$	(305)					$	479					$	(13)					$	2,927					$	(318)

						12 個月或更長時間												少於 12 個月												總計
截至 2023 年 12 月 31 日						公平 價值						未實現總額 損失						公平 價值						未實現總額 損失						公平 價值						未實現總額 損失
						（單位：百萬美元）
美國政府和機構						$	135					$	(18)					$	43					$	(1)					$	178					$	(19)
英國政府						9						(1)						4						—						13						(1)
其他政府						70						(8)						10						—						80						(8)
企業						1,854						(265)						243						(3)						2,097						(268)
市政的						78						(15)						2						—						80						(15)
住宅抵押貸款支持						267						(36)						41						(1)						308						(37)
商業抵押貸款支持						410						(48)						225						(9)						635						(57)
資產支持						239						(6)						100						(1)						339						(7)
短期和固定到期投資總額						$	3,062					$	(397)					$	668					$	(15)					$	3,730					$	(412)

截至2024年9月30日和2023年12月31日，分類爲AFS且處於未實現虧損狀態的證券數量未記錄信用損失準備金，數量爲 2,861 和 2,156，分別。其中，處於未實現虧損狀態超過十二個月的證券數量爲 2,484 和 1,736，分別。

這些投資的合同條款大部分不允許發行人以低於證券攤銷成本的價格結算。雖然利率上升，信貸利差擴大，並且在某些情況下信用評級下調，但我們目前不預計這些固定到期日的發行人會將它們以低於攤銷成本的價格結算，因此我們預計每個證券將恢復其全部攤銷成本。此外，我們目前不打算賣出目前處於未實現損失位置的證券，也不太可能被要求在恢復攤銷成本基礎之前出售這些證券。

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

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目錄

項目 1 | 未經審計註釋 精簡合併基本報表 | 附註 5. 投資

可供出售債券投資的信用損失準備

下表提供了我們可供出售債務證券的信用損失開始和結束備抵的對賬。

									截至9月30日的三個月
									2024																								2023
									公司												商業 抵押貸款 支持的												總計												公司												商業 抵押貸款 被支持																		總計
									（以美元百萬計）
期初信貸損失撥備									$	(14)											$	—											$	(14)											$	(22)											$	(2)																	$	(24)
對之前沒有記錄信用損失的證券設定信用損失準備金									—												—												—												—												(1)																		(1)
減少之前已經記錄信用損失準備金的證券的信用損失準備金									14												—												14												—												2																		2
期末信貸損失撥備									$	—											$	—											$	—											$	(22)											$	(1)																	$	(23)

									截至9月30日的九個月
									2024																		2023
									公司												商業 抵押貸款 支持												總計						其他 政府						公司												商業 抵押貸款 支持																		總計
									（以美元百萬計）
期初信貸損失撥備									$	(15)											$	(1)											$	(16)					$	(1)					$	(32)											$	—																	$	(33)
對尚未記錄信用損失的證券的信用損失準備									(1)												—												(1)						—						(3)												(3)																		(6)
減少因本期售出的證券									1												—												1						—						5												—																		5
減少在上個期間已記錄的證券信用損失準備金									15												1												16						1						8												2																		11
期末信貸損失撥備									$	—											$	—											$	—					$	—					$	(22)											$	(1)																	$	(23)

截至2024年和2023年9月30日的三個月和九個月期間，我們沒有針對信用損失準備金的任何覈銷或之前已覈銷金額的任何回收。

下面討論了我們的市場股票、非市場股票、市場和非市場股票的收益和損失，以及我們按權益法計量的股票。

以下表格總結了我們的股權投資：

			2024年9月30日						2023年12月31日
			（以美元百萬計）
下面討論了我們的市場股票、非市場股票、市場和非市場股票的收益和損失，以及我們按權益法計量的股票。
私人持有的普通股和優先股的股權投資			$	392					$	344
公開交易的普通股和優先股的股權投資			305						275
etf			74						82
認股權證和其他			16						—
			$	787					$	701

Enstar 集團有限公司 | 2024 年第三季度 | 10-Q 26 表格

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目錄

項目 1 | 未經審計註釋 精簡合併基本報表 | 附註 5. 投資

其他投資

下表總結了我們其他以公允價值計量的投資：

			2024年9月30日						2023年12月31日
			（以美元百萬計）
其他投資
股權投資基金			$	1,840					$	1,617
私募信貸基金			819						625
對沖基金			476						491
固收基金			410						605
房地產業基金			383						269
CLO股權基金			162						182
CLO股權			50						60
股權投資基金			5						4
			$	4,145					$	3,853

其他投資，包括以NAV爲便利指標測量公允價值的股權

我們使用淨資產價值作爲實際上的便利工具，對我們其他一些投資（包括股票）的公允價值進行評估。

下表詳細說明了如果我們在2024年9月30日提供了贖回意向通知或啓動了銷售流程，將會收到收益的估計時間。該收益是針對我們以淨資產價值作爲實用選擇計量的投資。

			少於1年						1-2年						2-3年						超過3年						不符合資格/受限制						總計						贖回頻率 (1)
			（以美元百萬計）
股票
私募股權投資			$	—					$	—					$	—					$	—					$	67					$	67					不符合條件/受限制
其他投資
股權投資基金			$	66					$	—					$	—					$	—					$	1,774					$	1,840					每季度
私募信貸基金			—						—						—						—						477						477						不符合條件/受限制
對沖基金			476						—						—						—						—						476						從月度到半年度
固收基金			367						—						—						—						37						404						從月度到季度
房地產業基金			—						—						—						—						383						383						不符合條件/受限制
CLO股權基金			160						—						—						—						2						162						從季度到半年度
			$	1,069					$	—					$	—					$	—					$	2,740					$	3,809

(1) 贖回頻率與未受限金額有關。

股權法投資

下表顯示了我們的權益法投資：

												2024年9月30日																		2023年12月31日
												股權%						賬面價值												股權%						賬面價值
												（以美元百萬計）
核心特色												19.5		%				269												19.9		%				225
紀念碑再保險 (1)												24.6		%				22												20.0		%				95
積極醫療控股公司												27.0		%				12												27.0%						14
																		$	303																	$	334

(1) 截至2024年9月30日，我們擁有 24.6在Monument Re的普通股的百分比。我們在2024年1月2日將Monument Midco的所有優先股轉換爲Monument Re的普通股。截止到2023年12月31日，我們擁有 20.0在Monument Re的普通股的百分比，以及在Monument Midco的優先股，這些優先股具有固定的股息收益（如有聲明）。

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

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目錄

項目 1 | 未經審計註釋 精簡合併基本報表 | 附註 5. 投資

所有基金類型持有

在所有基金類型持有安排下，再保險公司保留了本應匯給我們的資金。持有資金的餘額計入投資收益，同時支付的損失被扣除。

我們將資產負債表中的所有基金類型作爲一個單獨的類別展示。 下表總結了所有基金類型的元件：

			2024年9月30日						2023年12月31日
			（以美元百萬計）
所有基金類型持有 - 直接管理			$	2,258					$	2,502
由再保公司持有的所有基金類型			2,368						2,749
所有基金類型持有總額			$	4,626					$	5,251

直接管理的基金

下表總結了對所有基金類型所持資產的元件進行擔保的投資。

															2024年9月30日																		2023年12月31日
															（以美元百萬計）
直接管理的基金 - 按成本計算															$	2,307																	$	2,608
公允價值變動：
累計公允價值變動 - 嵌入式衍生品會計															(49)																		(106)
直接管理的基金 - 按公允價值計算															$	2,258																	$	2,502

我們直接管理的資金大部分由開空和固定到期組成。這$244 從2023年12月31日到2024年9月30日，直接管理的資金減少了百萬，主要是由於淨支付的損失所致。

再保公司持有的所有基金類型

以下表格總結了由再保險公司持有的我們基金的元件:

						2024年9月30日						2023年12月31日
						（以美元百萬計）
再保險公司持有的基金，按攤銷成本計量						$	2,335					$	2,709
嵌入式衍生工具的公允價值 (1)						33						40
由再保公司持有的所有基金類型						$	2,368					$	2,749

(1) 根據2022年達成的aspen保險控股交易的條款，除了在截至2025年9月30日的所有基金類型中獲得固定的信貸利率（「基礎信貸利率」）外，我們還獲得了一個變量回報（統稱爲「完全信貸利率」）。嵌入的衍生品代表了所有未來基於完全信貸利率的所有基金類型餘額的利息支付預計將超過基於基礎信貸利率的所有基金類型餘額的所有未來利息支付的公允價值。

從2023年12月31日至2024年3月31日，淨合同資產增加$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類型減少了500萬美元，主要原因是淨賠付損失，主要與aspen LPt有關。

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

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目錄

項目 1 | 未經審計註釋 精簡合併基本報表 | 附註 5. 投資

淨投資收益

淨投資收益的主要類別總結如下：

			截至三個月												截至九個月
			9月30日,												9月30日,
			2024						2023						2024						2023
			（以美元百萬計）
固定到期投資			$	83					$	85					$	250					$	245
短期投資和現金及現金等價物			9						11						24						28
所有基金類型持有			53						38						165						150
固定到期證券、現金及現金等價物的投資收益			145						134						439						423
股權投資			15						7						31						31
其他投資			14						8						37						31
股票及其他投資的投資收益			29						15						68						62
因2024年和2023年6月30日持有的普通股公允價值變動而確認的淨投資收入（損失）			174						149						507						485
投資支出			(11)						(6)						(29)						(14)
淨投資收益			$	163					$	143					$	478					$	471

淨實現收益（損失）和公允價值變動

投資購買和銷售以交易日期爲基礎記錄。對投資銷售的實現收益和損失基於對投資成本的具體識別。 我們未經審計的簡明綜合損益表中記錄的淨實現收益（損失）和公允價值變動的組成部分如下：

			截至三個月												截至九個月
			9月30日,												9月30日,
			2024						2023						2024						2023
			（以美元百萬計）
銷售產生的淨實現收益（損失）：
持有至到期證券的實現總收益			$	3					$	2					$	9					$	4
持有至到期證券的實現總損失			(1)						(15)						(22)						(64)
固定到期證券 預期信用損失撥備減少			15						1						15						5
銷售淨實現收益(損失)總額			$	17					$	(12)					$	2					$	(55)
交易證券、所持基金及其他投資公允價值變動：
固定到期證券，交易			$	38					$	(22)					$	8					$	(24)
所有基金類型持有 - 直接管理			61						(46)						46						(49)
股票證券			26						17						98						109
其他投資			93						68						238						180
投資衍生品			11						1						10						6
交易證券、所有基金類型和其他投資公允價值變動合計			$	229					$	18					$	400					$	222
交易證券、所有基金類型和其他投資淨實現收益及公允價值變動			$	246					$	6					$	402					$	167

截至2024年和2023年9月30日的三個月中在AFS投資上實現的總收益和損失，如上表所示，來自於AFS投資的銷售，共計$362 百萬美元和美元316 截至2024年和2023年9月30日的九個月中在AFS投資上實現的總收益和損失，如上表所示，來自於銷售$998 百萬美元和美元1.3。其中包括我們分享的收益和損失，包括減值，作爲其他收入（費用），淨額的組成部分。

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

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目錄

項目 1 | 未經審計註釋 精簡合併基本報表 | 附註 5. 投資

2024年9月30日和2023年結束的三個月內，在報表中與仍在資產負債表日期持有的權益證券有關的交易證券、持有的基金和其他投資的公平價值變動爲$26百萬美元和$1百萬，分別。

截至2024年和2023年9月30日的九個月內，交易證券、所持基金和其他投資的公允價值變動記錄在與財務報表上截至日仍持有的股權證券相關的營業報表中爲$96百萬美元和$70百萬。

受限制資產

截至2024年9月30日和2023年12月31日，我們限制資產的賬面價值，包括限制現金爲$464 百萬美元和美元266 百萬，具體如下： 

			2024年9月30日						2023年12月31日
			（以美元百萬計）
信託資產用於第三方協議			$	5,090					$	5,301
存入資金作爲監管機構的資產			64						80
擔保信用證設施的抵押品			75						78
Lloyd's 所有基金類型 (1)			179						389
			$	5,408					$	5,848

(1) 我們爲Lloyd's輔助管理和提供了資金 一份 截至2024年9月30日和2023年12月31日，我們爲Lloyd's輔助管理和提供了資金。Lloyd's主要通過使用內部模型確定所需資本，該模型計算每個輔助的償付能力資本要求。這筆資金被稱爲FAL，在輔助出現無法通過其他來源籌集資金的損失時將動用該資金。

6. 衍生品和對沖工具

衍生品會計

獨立衍生品

獨立衍生品在交易日期被記錄，並以估計公允價值計入合併資產負債表，作爲其他資產的資產或作爲其他負債的負債。我們不對在同一主淨額協議下與同一交易對手進行的衍生品所確認的估計公允價值金額進行抵消。

如果衍生工具沒有被指定爲會計對沖，或者其在風險管理中的使用不符合對沖會計的要求，衍生工具的估計公允價值的變動將在交易證券、公募基金和其他投資的公允價值變動中報告，這些都包含在我們的合併運營報表中。

套期保值會計

爲了符合對沖會計的資格，在對沖關係建立之初，我們正式記錄風險管理的目標和進行對沖交易的策略，以及對沖的指定。

我們在外國控件投資中有符合條件的淨投資套期保值（NIFO）對沖。我們承認套期衍生工具估計公允價值的變動與外國控件中被對沖淨投資的翻譯調整一致，都計入OCI。

我們的文件闡明瞭對沖工具預期如何對沖與被對沖項目相關的指定風險，並確定了將用於回顧性和前瞻性評估對沖工具有效性的方法。被指定爲對沖工具的衍生品必須被評估爲在抵消被對沖項目的指定風險方面高度有效。對沖有效性在開始時正式評估，並且在整個指定對沖關係的生命週期中至少每季度評估一次。對沖有效性的評估也受解讀和估計的影響，不同的解讀或估計可能對淨利潤中報告的金額產生重大影響。

當基於NIFO對沖方式終止的套期會計（由於重新計價、支付股息或處置我們在外國運營中的投資）時，衍生工具繼續在資產負債表上列示

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

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目錄

項目1 | 附註至未經審計的基本報表 | 6. 衍生工具和套期工具

其估計的公允價值。根據已停止的NIFO對沖在其他綜合收益中記錄的遞延收益和損失會立即在我們的合併運營報表中的淨匯率期貨損失（收益）中確認。

作爲發行優先債券和可轉換債券的一部分，公司同意向債券持有人發行總計

我們參與某些再保險協議，其中包含嵌入式衍生工具。我們的可轉換債券組合中也有嵌入式衍生工具，記錄在固定到期日內，作爲交易出現在合併資產負債表中。我們評估每個確定的嵌入式衍生工具，以確定是否需要進行分離。如果滿足以下條件，嵌入式衍生工具將從主合同中分離出來，並作爲獨立的衍生工具計入：

•合併工具並未以估計公允價值的完整價值覈算，估計公允價值變動計入淨利潤；

•嵌入式衍生品的條款與主合同的經濟特徵並不明確且密切相關；並且

•具有與嵌入衍生工具相同條件的單獨工具將符合衍生工具的定義。

此類嵌入式衍生工具按照估計公允價值與主合同一同列示於合併資產負債表中，其估計公允價值的變動通常在交易證券公允價值變動、所有基金類型和其他投資中進行報告。

衍生品策略

我們面臨與持續業務運營相關的各種風險，包括利率、外匯匯率、信用和股價風險。我們使用各種策略來管理這些風險，包括使用衍生品。

衍生品是其價值源自利率、外幣匯率、信用息差和/或其他金融指數的金融工具。我們使用的衍生品類型包括掉期和遠期合約。

外匯衍生品

我們使用外匯匯率衍生品，包括外匯遠期，以減少與我們資產和負債以外幣計價的外匯匯率波動相關的風險。我們還使用外匯衍生工具來對沖我們在外國運營中某些淨投資所關聯的外匯匯率風險。

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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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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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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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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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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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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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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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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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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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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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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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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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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Table of Contents

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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Table of Contents

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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Table of Contents

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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Table of Contents

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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Part II - Other Information

•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.

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 110

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Part II - Other Information

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

Enstar Group Limited | Third Quarter 2024 | Form 10-Q                 111

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Part II - Other Information

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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Part II - Other Information

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