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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

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

Enstar in $470m joint venture

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