Enstar Group LTD

enstargroup.com

What Do They Do?

Provides reinsurance that takes on old insurance claims and acquires insurance businesses and portfolios in run-off for insurers. It invests the consideration received to help fund claims and other obligations.

How Do They Make Money?

Insurers pay consideration when Enstar takes on specified limits of old claims through reinsurance deals. Enstar invests those funds and earns investment returns, which help fund claim payments, future transactions and other obligations.

FY2024 revenue

Who Are Their Customers?

Insurers and other companies seeking to exit old liabilities work directly with Enstar or through brokers. Third-party capital providers can also use Enstar’s forward exit option to transfer responsibility for reserves associated with their investment.

Do Revenues Turn Into Profits?

Yes. It kept 48 cents of every revenue dollar as net income in FY2024.

Net income, FY2024

48% of revenue

▼ −48% vs FY2023 ($1.1B, 78%)

How Are They Changing?

Since the FY2024 annual report

Latest quarter: Q1 FY2025, the three months to Mar 31, 2025

Revenue: ▼ −19%; vs $253M in Q1 FY2024
Net income: ▼ −54%; vs $128M in Q1 FY2024

Jul 2, 2025 Sixth Street-led investors completed Enstar’s acquisition, taking it private Enstar continues as a privately held, standalone company, and its ordinary shares are no longer publicly listed.

Shrinking. Revenue fell 55% in 4 years, from $2.7B in FY2020 to $1.2B in FY2024, about 18% a year.

Forward exit option The latest report adds an option for third-party capital providers in collateralized reinsurance vehicles to transfer reserve risk to Enstar at a future date; the older report describes LPT and ADC contracts.

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