UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 5, 2017
Enstar Group Limited
(Exact name of registrant as specified in its charter)
Bermuda | 001-33289 | N/A | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
P.O. Box HM 2267, Windsor Place, 3rd Floor 22 Queen Street, Hamilton HM JX Bermuda | N/A | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (441) 292-3645
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
o | Emerging Growth Company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition
Enstar Group Limited ("Enstar") estimates that consolidated combined catastrophe underwriting losses for the third quarter of 2017 from Hurricanes Harvey, Irma and Maria, net of reinsurance recoveries and after allocations to non-controlling interests, are $39 million as a result of its ownership interests in StarStone Insurance Bermuda Limited ("StarStone") and Atrium Underwriting Group Limited ("Atrium"). Enstar’s estimate is preliminary and is based on claims received to date and industry assessments of damages and exposure. Given the complexity of these events and potential delays in policyholder reporting, actual ultimate losses relating to these hurricanes may differ materially from its preliminary estimate.
Enstar owns a 59% interest in StarStone, which is an A.M. Best A-rated global specialty insurance group with multiple underwriting platforms, including Lloyd’s Syndicate 1301.
Enstar owns a 59% interest in Atrium, which manages Lloyd’s Syndicate 609 and provides 25% of the underwriting capacity and capital to Lloyd's Syndicate 609 (with approximately 15% attributable to Enstar).
Enstar's underwriting loss estimate is net of reinsurance to KaylaRe Ltd. Enstar owns a 48.4% interest in KaylaRe, which reinsures 35% of all business written by certain StarStone affiliates. Enstar records its investment in its equity method investee, KaylaRe, in other income on Enstar's consolidated statement of earnings in its non-life run-off segment results.
* * *
This Current Report on Form 8-K 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. Important risk factors regarding Enstar can be found under the heading "Risk Factors" in Enstar's Form 10-K for the year ended December 31, 2016 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ENSTAR GROUP LIMITED | |||
Date: October 5, 2017 | By: | /s/ Mark W. Smith | |
Mark W. Smith | |||
Chief Financial Officer | |||