Enstar in $470m joint venture – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Enstar in $470m joint venture

Enstar Group Ltd is partnering with German insurance giant Allianz and investment manager Hillhouse to launch a new Bermuda re/insurer.

Enstar, a Bermudian-based company which specialises in acquiring and managing companies and portfolios in run-off, will own nearly half of the new company, called Enhanzed Reinsurance Ltd.

The new Class 4 and Class E company will reinsure life, non-life run-off, and property and casualty insurance business, initially sourced from Allianz SE and Enstar.

Enstar, Allianz and Hillhouse affiliates have committed a combined total of $470 million to Enhanzed Re.

Enstar will own 47.4 per cent of the entity, with Allianz owning 24.9 per cent, and an affiliate of Hillhouse Capital Management Ltd owning 27.7 per cent.

Enstar will act as the re/insurance manager for Enhanzed Re. Hillhouse will act as primary investment manager and an affiliate of Allianz will also provide investment management services.

Enhanzed Re intends to write business from affiliates of its operating sponsors, Allianz and Enstar. It will seek to underwrite business to maximise diversification by risk and geography.

Dominic Silvester, Enstar's chief executive officer, said: “Enhanzed Re brings Enstar together with our established partners Allianz and Hillhouse to provide a vehicle that will reinsure a diversified book of life and P&C reserves sourced through a strong pipeline of opportunities provided by Enhanzed Re's operating sponsors.

“Enhanzed Re will benefit from world-class investment managers prudently managing capital while pursuing risk-adjusted returns.

“Through Enhanzed Re, Enstar gains exposure to attractive life and P&C business and in return can offer opportunities for Enhanzed Re to participate in our future significant legacy transactions.”

Joint venture: Dominic Silvester, CEO of Enstar

You must be Registered or to post comment or to vote.

Published December 13, 2018 at 8:00 am (Updated December 12, 2018 at 8:06 pm)

Enstar in $470m joint venture

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon