Enstar takes full ownership of KaylaRe
Bermudian-based Enstar Group has struck a deal to take full ownership of reinsurer KaylaRe.
Enstar already owns a 48 per cent stake in the Bermudian reinsurer, which was set up with $620 million of capital backing in late 2016.
Under the $400 million agreement announced today, Hillhouse Capital Management will exchange its 44 per cent stake in KaylaRe, and Stone Point its 8 per cent stake, for Enstar shares.
The result will be that Hillhouse’s economic interest in Enstar will increase from 9.9 per cent to 17.1 per cent, while Stone Point will increase its interest from 6.9 per cent to 7.6 per cent.
The transaction is subject to regulatory approval and is expected to close during the first quarter of 2018.
KaylaRe aims to deliver superior risk-adjusted returns over market cycles through diversified asset allocation and selective underwriting.
Dominic Silvester, Enstar’s chief executive officer, said: “This transaction allows us to take full ownership of an important reinsurance platform.
“It will also enhance our group capital position and equity base. KaylaRe has exceeded our expectations to date, and as sole owner, we will continue to use it as an integral part of our legacy growth strategy.”
Four arrested after gun attack at bar
Christian ‘surprised’ to be given armband
Judge rules $33,770 was proceeds of drugs
Man admits brutal assault on Front Street
Drunk driver fell over twice
Win someone a perfect smile
Take Our Poll