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Enstar Group Limited (ESGR)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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184.60+0.10 (+0.05%)
As of 10:22AM EDT. Market open.
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Previous Close184.50
Open183.11
Bid183.60 x 1200
Ask184.74 x 800
Day's Range183.10 - 184.60
52 Week Range94.58 - 213.99
Volume2,714
Avg. Volume49,021
Market Cap4.088B
Beta (5Y Monthly)0.57
PE Ratio (TTM)6.79
EPS (TTM)27.17
Earnings DateNov 05, 2020 - Nov 09, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateJan 31, 2007
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • GlobeNewswire

    Enstar and Stone Point Capital Announce Exchange Transaction Involving Atrium and StarStone U.S.

    HAMILTON, Bermuda, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) (“Enstar”) today announced an exchange agreement with Trident V, L.P. and its affiliated funds (the “Trident V Funds”) managed by Stone Point Capital LLC (“Stone Point”). Subject to regulatory approvals, the transaction will result in Enstar owning a greater share in StarStone U.S. Holdings, Inc. (“StarStone U.S.”) and the Trident V Funds owning a greater share in the holding company for Atrium Underwriting Group Limited (“Atrium”). The transaction is conditioned upon the closing of the previously announced recapitalization of StarStone U.S., pursuant to which a new management team and Board of Directors will be appointed and new investors will be brought in to increase its total equity capitalization to over $850 million, with an Enstar subsidiary reinsuring legacy reserves.In the exchange, Enstar will acquire all of the Trident V Funds’ interest in the recapitalized StarStone U.S., resulting in Enstar having approximately 26% of the ownership of StarStone U.S. following the completion of the recapitalization and exchange transactions.The Trident V Funds will receive a portion of Enstar’s indirect interest in Northshore Holdings Ltd., the holding company for Atrium, increasing their indirect ownership interest in Atrium from approximately 36% to approximately 80%, with Enstar decreasing from approximately 54% to approximately 11% and retaining one Northshore Holdings board seat. Members of Atrium’s management team and funds managed by Dowling Capital (“Dowling”) will continue to own minority positions in Northshore Holdings.Enstar, the Trident V Funds and Dowling will retain their respective ownership interests in StarStone’s non-US operations (“StarStone International”), partnering in the run-off of this business. The Trident V Funds continue to own approximately 9% of Enstar Group Limited’s ordinary voting shares.Dominic Silvester, Enstar’s Chief Executive Officer, said: “This transaction deepens our successful relationship with Stone Point, which has been a valued partner of Enstar for two decades. Enstar is ideally placed to capitalize on the increasing flow of large, attractive legacy opportunities, and will remain invested in high-quality live underwriting businesses with proven leadership, such as Atrium and StarStone U.S., through meaningful minority stakes and alongside trusted equity partners.” Chuck Davis, Stone Point’s Chief Executive Officer, said: “We are delighted to increase our investment in Atrium. The company is led by an outstanding management team that has a long-term track record of producing underwriting profits. We also value our long-standing relationship with Dominic Silvester and his colleagues at Enstar, and we look forward to continuing our existing partnerships and identifying new opportunities for Enstar and Stone Point.”Richard Harries, Atrium’s Chief Executive Officer, added: “Atrium has thrived under the joint ownership of Enstar and Stone Point. This change, which will have no operational impact on Atrium, is a further vote of confidence in the Atrium team. I am pleased that Enstar will retain an ownership interest in Atrium, and we welcome the increased participation of Stone Point, whose management team we know well, as we pursue our strategic goals in an increasingly improving underwriting environment.”About EnstarEnstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations.  A market leader in completing legacy acquisitions, Enstar has acquired over 100 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.About Stone PointStone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed eight private equity funds – the Trident Funds – with aggregate committed capital of more than $25 billion. Stone Point targets investments in companies in the global financial services industry and related sectors. For further information about Stone Point, please visit www.stonepoint.com.About StarStone U.S.StarStone U.S. offers a diversified range of property and casualty insurance products for small to mid-sized businesses. From eight underwriting offices spanning the U.S., StarStone U.S. focuses on niche markets, local distribution, and superior underwriting knowledge, offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. StarStone U.S. is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, a U.S. admitted markets insurer. StarStone is rated A- (Excellent) by A.M. Best. For further information about StarStone U.S., please visit www.starstone.com/u-s-overview/.About AtriumAtrium is a long-established, leading specialist insurance and reinsurance business that has operated within the Lloyd’s market since the 1930s. Underwriting through Syndicate 609, Atrium manages a balanced portfolio, offering a wide range of specialist marine, energy, aerospace, non-marine and liability classes from its offices in London and the Unites States. For further information about Atrium, please visit www.atrium-uw.com.Cautionary StatementThis press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar, Stone Point, Atrium and their respective management teams. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. In particular, Enstar and Stone Point may not be able to complete the proposed transaction on the terms summarized above or other acceptable terms, or at all, due to a number of factors, including but not limited to the failure to obtain governmental and regulatory approvals, failure to consummate the StarStone U.S. recapitalization, or to satisfy other closing conditions. Important risk factors regarding Enstar can be found under the heading "Risk Factors" in our Form 10-K for the year ended December 31, 2019 and in our Form 10-Q for the six months ended June 30, 2020 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.Contact:     Enstar Communications Telephone:   +1 (441) 292-3645

  • GlobeNewswire

    Enstar Group Limited Reports Second Quarter Results

    * Net Earnings of $798.6 million  and $281.7 million for the Three and Six Months Ended June 30, 2020, primarily driven by strong investments performance  * Non-GAAP Operating Income of $567.6 million and $229.8 million for the Three and Six Months Ended June 30, 2020 * Increase in fully diluted book value per share of 23.3% and 7.6% for the Three and Six Months Ended June 30, 2020 (non-annualized)HAMILTON, Bermuda, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq: ESGR) filed its quarterly report on Form 10-Q with the SEC earlier today, reporting its earnings and financial position for the three and six months ended June 30, 2020.Enstar reported consolidated net earnings of $798.6 million (or $36.65 per fully diluted ordinary share) and  $281.7 million (or $12.93 per fully diluted ordinary share) for the three and six months ended June 30, 2020, respectively, compared to consolidated net earnings of $231.8 million (or $10.70 per fully diluted ordinary share) and $590.6 million (or $27.26 per fully diluted ordinary share) for the three and six months ended June 30, 2019, respectively.The key drivers of net earnings were: * Net realized and unrealized gains of $967.6 million for the three months ended June 30, 2020, including $550.2 million relating to other investments and equities and $417.4 million relating to fixed income securities; * Net realized and unrealized gains of $338.5 million for the six months ended June 30, 2020, including $198.7 million relating to other investments and equities and $139.8 million relating to fixed income securities;Non-GAAP operating income1 was $567.6 million (or $26.05 per fully diluted ordinary share1)  and  $229.8 million (or $10.55 per fully diluted ordinary share) for the three and six months ended June 30, 2020, respectively, compared to non-GAAP operating income of $109.7 million (or $5.06 per fully diluted ordinary share) and $308.4 million (or $14.24 per fully diluted ordinary share) for the three and six months ended June 30, 2019, respectively.1 Non-GAAP operating income (loss) and non-GAAP operating income (loss) per fully diluted ordinary share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations of these non-GAAP measures to the most comparable GAAP financial measures (net earnings (loss) attributable to Enstar ordinary shareholders and diluted net earnings (loss) per ordinary share, respectively) are provided below, along with a discussion of the rationale for the presentation of these items.Enstar's ordinary shareholders' equity at June 30, 2020 amounted to $4,676.9 million (or $213.06 per fully diluted ordinary share), compared to $4,332.2 million (or $197.93 per fully diluted ordinary share) at December 31, 2019. The Form 10-Q, which is available on Enstar's website, www.enstargroup.com, contains a more detailed description of Enstar's business and financial results.About EnstarEnstar is a multi-faceted insurance group, with approximately $21.3 billion in assets, that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar is a market leader in completing legacy acquisitions, having acquired over 100 companies and portfolios since its formation in 2001. Enstar’s active underwriting businesses include the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. For further information about Enstar, see www.enstargroup.com.Non-GAAP Financial MeasuresIn addition to presenting net earnings (loss) attributable to Enstar ordinary shareholders and diluted earnings (loss) per ordinary share determined in accordance with U.S. GAAP, we believe that presenting non-GAAP operating income (loss) attributable to Enstar ordinary shareholders and diluted non-GAAP operating income (loss) per ordinary share, non-GAAP financial measures as defined in SEC Regulation G, provides investors with valuable measures of our performance.Non-GAAP operating income (loss) excludes: (i) net realized and unrealized (gains) losses on fixed maturity investments and funds held - directly managed included in net earnings (loss), (ii) change in fair value of insurance contracts for which we have elected the fair value option, (iii) gain (loss) on sale of subsidiaries, if any, (vi) net earnings (loss) from discontinued operations, if any, (v) tax effect of these adjustments where applicable, and (vi) attribution of share of adjustments to noncontrolling interest where applicable. We eliminate the impact of net realized and unrealized (gains) losses on fixed maturity investments and funds held - directly managed and change in fair value of insurance contracts for which we have elected the fair value option because these items are subject to significant fluctuations in fair value from period to period, driven primarily by market conditions and general economic conditions, and therefore their impact on our earnings is not reflective of the performance of our core operations. When applicable, we eliminate the impact of gain (loss) on sale of subsidiaries and net earnings (loss) from discontinued operations because these are not reflective of the performance of our core operations.We believe these non-GAAP measures enable readers of our consolidated financial statements to analyze our results in a way that is more aligned with the manner in which our management measures our underlying performance. We believe that presenting these non-GAAP financial measures, which may be defined and calculated differently by other companies, improves the understanding of our consolidated results of operations. These measures should not be viewed as substitutes for those calculated in accordance with U.S. GAAP.Reconciliation of Non-GAAP Financial MeasuresNon-GAAP operating income attributable to Enstar ordinary shareholders is calculated by the addition or subtraction of certain items from within our consolidated statements of earnings to or from net earnings attributable to Enstar ordinary shareholders, the most directly comparable GAAP financial measure, as illustrated in the table below: Three Months Ended Six Months Ended  June 30, June 30,  2020 2019 2020 2019  (expressed in thousands of U.S. dollars, except share and per share data) Net earnings attributable to Enstar ordinary shareholders$798,553  $231,842  $281,732  $590,593  Adjustments:        Net realized and unrealized (gains) on fixed maturity investments and funds held - directly managed (1)(417,364) (185,819) (139,803) (423,750) Change in fair value of insurance contracts for which we have elected the fair value option134,043  37,962  75,806  94,003  Net (earnings) loss from discontinued operations1,152  3,943  3,221  (4,125) Tax effects of adjustments (2)39,264  18,676  13,299  38,799  Adjustments attributable to noncontrolling interest (3)11,994  3,082  (4,417) 12,897  Non-GAAP operating income  attributable to Enstar ordinary shareholders (4)$567,642  $109,686  $229,838  $308,417           Diluted net earnings per ordinary share$36.65  $10.70  $12.93  $27.26  Adjustments:        Net realized and unrealized (gains) on fixed maturity investments and funds held - directly managed (1)(19.15) (8.57) (6.42) (19.56) Change in fair value of insurance contracts for which we have elected the fair value option6.15  1.75  3.48  4.34  Net (earnings) loss from discontinued operations0.05  0.18  0.15  (0.19) Tax effects of adjustments (2)1.80  0.86  0.61  1.79  Adjustments attributable to noncontrolling interest (3)0.55  0.14  (0.20) 0.60  Diluted non-GAAP operating income per ordinary share (4)$26.05  $5.06  $10.55  $14.24           Weighted average ordinary shares outstanding:        Basic21,565,240   21,477,772   21,557,542   21,470,675   Diluted21,789,242  21,675,451  21,788,331  21,661,769  (1) Represents the net realized and unrealized gains and losses related to fixed maturity securities included in net earnings (loss). Our fixed maturity securities are held directly on our balance sheet and also within the "Funds held - directly managed" balance. Refer to Note 5 - "Investments" to our consolidated financial statements included within Item 1 of our Quarterly Report on Form 10-Q for further details on our net realized and unrealized gains and losses.(2) 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.(3)  Represents the impact of the adjustments on the net earnings (loss) attributable to noncontrolling interest associated with the specific subsidiaries to which the adjustments relate.(4) Non-GAAP financial measure. Cautionary StatementsForward-Looking StatementsThis press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. In particular, the evolving COVID-19 pandemic has caused significant economic and financial turmoil globally, as well as uncertainty and volatility in the financial markets. Due to the global uncertainty, we are unable to predict the longer-term effects of the pandemic on our business at this time. Important risk factors regarding Enstar can be found under the heading "Risk Factors" in our Form 10-K for the year ended December 31, 2019 and in our Form 10-Q for the six months ended June 30, 2020 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.Uncertainties Relating to the COVID-19 PandemicWe expect that uncertainty and volatility in financial markets will continue to impact the value of our investments. The  scope, duration and magnitude of the direct and indirect effects of the COVID-19 pandemic are changing rapidly and are difficult to anticipate. As with others in our industry, we are subject to economic factors such as interest rates, foreign exchange rates, underwriting events, regulation, tax policy changes, political risks and other market risks that can impact our strategy, operations, and results. The underwriting losses related to the COVID-19 pandemic disclosed in this press release represent our estimates of net incurred losses and loss adjustment expenses through June 30, 2020. Given the uncertainties associated with COVID-19 and its impact, and the limited information upon which our current estimates have been made, our preliminary reserves and the underlying estimated level of claim losses and costs arising from COVID-19 may materially change.Contact: Enstar Communications Telephone: +1 (441) 292-3645

  • GlobeNewswire

    Enstar Group Limited Announces Quarterly Preference Share Dividends

    HAMILTON, Bermuda, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced that it will pay cash dividends on its Series D and Series E preference shares. Dividends on Enstar’s Series D 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series D Preference Share) will be payable on September 1, 2020 to shareholders of record on August 15, 2020.Dividends on Enstar’s Series E 7.00% Perpetual Non-Cumulative Preference Shares of $0.43750 per depositary share (each of which represents a 1/1,000th interest in a Series E Preference Share) will be payable on September 1, 2020 to shareholders of record on August 15, 2020.About EnstarEnstar is a multi-faceted insurance group that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar is a market leader in completing legacy acquisitions, having acquired over 100 companies and portfolios since its formation in 2001. Enstar’s active underwriting businesses include the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. For further information about Enstar, see www.enstargroup.com.Cautionary StatementThis press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, including the ongoing COVID-19 pandemic and the related uncertainty and volatility in the financial markets. Important risk factors regarding Enstar can be found under the heading "Risk Factors" in our Form 10-K for the year ended December 31, 2019 and in our Form 10-Q for the three months ended March 31, 2020 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.Contact: Enstar Communications Telephone: +1 (441) 292-3645