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Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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A very public shareholder dispute is taking centre stage at a firm in transition.
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The investor now has a ~9% holding in the legacy specialist.
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The transaction would mark a fifth legacy deal struck by Argo as it seeks to clean up its back book amid a strategic review.
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The portfolio consists mainly of underwriting years 2004 to 2018.
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The carrier was pushed to a net loss of $493mn by mark-to-market losses in its investment portfolio in Q2.
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The carrier completed legacy deals within both its Re & ILS and London market segments.
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The sector saw a variety of deal sizes, with transaction values ranging in H1 from $10mn to $3.1bn.
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The legacy specialist started the fundraise in the wake of a collapsed takeover by Brickell.
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The outgoing exec will remain as a board member, while chief strategy officer David Ni will lead the company’s M&A strategy going forward.