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Enstar Group 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
Commission File Number 001-33289
https://cdn.kscope.io/7f16c6634dfc2585ae7aa2d917187777-Enstar Logo - high res.jpg
ENSTAR GROUP LIMITED
(Exact name of Registrant as specified in its charter)
BERMUDAN/A
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
A.S. Cooper Building, 4th Floor, 26 Reid Street, Hamilton HM 11, Bermuda
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (441292-3645
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Ordinary shares, par value $1.00 per shareESGRThe NASDAQ Stock MarketLLC
Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00% ESGRPThe NASDAQ Stock MarketLLC
Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Share, Series D, Par Value $1.00 Per Share
Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%ESGROThe NASDAQ Stock MarketLLC
Perpetual Non-Cumulative Preferred Share, Series E, Par Value $1.00 Per Share
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
As at May 1, 2024, the registrant had outstanding 15,229,358 voting ordinary shares, par value $1.00 per share.
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Enstar Group Limited
Quarterly Report on Form 10-Q
For the Period Ended March 31, 2024
Table of Contents
 
  Page
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
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GLOSSARY OF KEY TERMS
A&EAsbestos and environmental
Acquisition costsCosts that are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, and which principally consist of incremental costs such as: commissions, brokerage expenses, premium taxes and other fees incurred at the time that a contract or policy is issued.
ADCAdverse development cover – A retrospective reinsurance arrangement that will insure losses in excess of an established reserve and provide protection up to a contractually agreed amount.
Adjusted RLE
Adjusted run-off liability earnings - Non-GAAP financial measure calculated by dividing adjusted prior period development by average adjusted net loss reserves. See “Non-GAAP Financial Measures” for reconciliation.
Adjusted ROE
Adjusted return on equity - Non-GAAP financial measure calculated by dividing adjusted operating income (loss) attributable to Enstar ordinary shareholders by adjusted opening Enstar ordinary shareholders’ equity. See “Non-GAAP Financial Measures” for reconciliation.
Adjusted TIR
Adjusted total investment return - Non-GAAP financial measure calculated by dividing adjusted total investment return by average adjusted total investable assets. See “Non-GAAP Financial Measures” for reconciliation.
AFSAvailable-for-sale
Allianz
Allianz SE
AmTrustAmTrust Financial Services, Inc.
Annualized
Calculation of the quarterly result or year-to-date result multiplied by four and then divided by the number of quarters elapsed within the applicable year-to-date period.
AOCI
Accumulated other comprehensive income
APIC
Additional Paid-in Capital
ASCAccounting Standards Codification
ASUAccounting Standards Update
ArdenArden Reinsurance Company Ltd.
Atrium
Atrium Underwriting Group Limited
bps
Basis point(s)
BMABermuda Monetary Authority
BSCRBermuda Solvency Capital Requirement
BVPSBook value per ordinary share - GAAP financial measure calculated by dividing Enstar ordinary shareholders’ equity by the number of ordinary shares outstanding.
Cavello
Cavello Bay Reinsurance Limited, a wholly-owned subsidiary
CitcoCitco III Limited
CLOCollateralized loan obligation
Core SpecialtyCore Specialty Insurance Holdings, Inc.
DCoDCo LLC
Defendant A&E liabilities
Defendant asbestos and environmental liabilities - Non-insurance liabilities relating to amounts for indemnity and defense costs for pending and future claims, as well as amounts for environmental liabilities associated with properties.
DCA
Deferred charge asset - The amount by which estimated ultimate losses payable exceed the consideration received at the inception of a retroactive reinsurance agreement and that are subsequently amortized over the estimated loss settlement period.
DGL
Deferred gain liability - The amount by which consideration received exceeds estimated ultimate losses payable at the inception of a retroactive reinsurance agreement and that are subsequently amortized over the estimated loss settlement period.
EB Trust
Enstar Group Limited Employee Benefit Trust
Enhanzed ReEnhanzed Reinsurance Ltd.
EnstarEnstar Group Limited and its consolidated subsidiaries
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GLOSSARY OF KEY TERMS
Enstar FinanceEnstar Finance LLC
Exchange TransactionThe exchange of a portion of our indirect interest in Northshore for all of the Trident V Funds’ indirect interest in StarStone U.S.
FALFunds at Lloyd's - A deposit in the form of cash, securities, letters of credit or other approved capital instrument that satisfies the capital requirement to support the Lloyd's syndicate underwriting capacity.
FDBVPS
Fully diluted book value per ordinary share - Non-GAAP financial measure calculated by dividing Enstar ordinary shareholders’ equity by the number of ordinary shares outstanding, adjusted for equity awards granted and not yet vested (similar to the calculation of diluted earnings per share). See “Non-GAAP Financial Measures” in Item 7 for reconciliation.
Funds heldThe account created with premium due to the reinsurer pursuant to the reinsurance agreement, the balance of which is credited with investment income and losses paid are deducted.
Funds held by reinsured companies
Funds held, as described above, where we receive a fixed crediting rate of return or other contractually agreed return on the assets held.
Funds held - directly managed
Funds held, as described above, where we receive the actual investment portfolio return on the assets held.
Future policyholder benefits
The liability relating to life reinsurance contracts, which are based on the present value of anticipated future cash flows and mortality rates.
IBNR
Incurred but not reported - The estimated liability for unreported claims that have been incurred, as well as estimates for the possibility that reported claims may settle for amounts that differ from the established case reserves as well as the potential for closed claims to re-open.
Investable assetsThe sum of total investments, cash and cash equivalents, restricted cash and cash equivalents and funds held
JSOP
Joint Share Ownership Plan
LAELoss adjustment expenses
Lloyd'sThis term may refer to either the society of individual and corporate underwriting members that pool and spread risks as members of one or more syndicates, or the Corporation of Lloyd’s, which regulates and provides support services to the Lloyd’s market
LOCLetters of credit
LPTLoss Portfolio Transfer - Retroactive reinsurance transaction in which loss obligations that are already incurred are ceded to a reinsurer, subject to any stipulated limits
Monument Midco
Monument Midco Limited, a wholly owned subsidiary of Monument Re
Monument ReMonument Insurance Group Limited
Morse TEC Morse TEC LLC
NAVNet asset value
NCI
Noncontrolling interests
New business
Material transactions, which generally take the form of reinsurance or direct business transfers, or business acquisitions.
NorthshoreNorthshore Holdings Limited
OLROutstanding loss reserves - Provisions for claims that have been reported and accrued but are unpaid at the balance sheet date.
Parent Company
Enstar Group Limited, excluding its consolidated subsidiaries
pp
Percentage point(s)
PPDPrior period development - Changes to loss estimates recognized in the current calendar year that relate to loss reserves established in previous calendar years.
Private equity fundsInvestments in limited partnerships and limited liability companies
QBE
QBE Insurance Group Limited
RACQ
RACQ Insurance Limited
Reinsurance to close (RITC)A business transaction to transfer estimated future liabilities attached to a given year of account of a Lloyd's syndicate into a later year of account of either the same or different Lloyd's syndicate in return for a premium.
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GLOSSARY OF KEY TERMS
Reserves for losses and LAEManagement's best estimate of the ultimate cost of settling losses as of the balance sheet date. This includes OLR and IBNR.
Retroactive reinsuranceContracts that provide indemnification for losses and LAE with respect to past loss events.
RLERun-off liability earnings – GAAP-based financial measure calculated by dividing prior period development by average net loss reserves.
RNCI
Redeemable noncontrolling interests
ROE
Return on equity - GAAP-based financial measure calculated by dividing net income (loss) attributable to Enstar ordinary shareholders by opening Enstar ordinary shareholders’ equity
Run-offA line of business that has been classified as discontinued by the insurer that initially underwrote the given risk
Run-off portfolioA group of insurance policies classified as run-off.
SECU.S. Securities and Exchange Commission
SGL No. 1SGL No. 1 Limited
StarStone InternationalStarStone's non-U.S. operations
StarStone U.S.StarStone U.S. Holdings, Inc. and its subsidiaries
Stone PointStone Point Capital LLC
TIR
Total investment return - GAAP financial measure calculated by dividing total investment return, including other comprehensive income, for the applicable period by average total investable assets
Trident V FundsTrident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P.
U.S. GAAPAccounting principles generally accepted in the United States of America
ULAEUnallocated loss adjustment expenses - Loss adjustment expenses relating to run-off costs for the estimated payout of the run-off, such as internal claim management or associated operational support costs.
Unearned premium
The unexpired portion of policy premiums that will be earned over the remaining term of the insurance contract.
VIEVariable interest entities
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report and the documents incorporated by reference herein contain statements that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive positions, growth opportunities, plans and objectives of our management, as well as the markets for our securities and the insurance and reinsurance sectors in general.
Statements that include words such as "estimate," "project," "plan," "intend," "expect," "anticipate," "believe," "would," "should," "could," "seek," "may" and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise.
All forward-looking statements are necessarily estimates or expectations, and not statements of historical fact, reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements.
These forward looking statements should, therefore, be considered in light of various important factors, including those set forth in this report and in our Annual Report on Form 10-K for the year ended December 31, 2023, which could cause actual results to differ materially from those suggested by the forward-looking statements. These risk factors include:
the adequacy of our loss reserves and the need to adjust such reserves as claims develop over time, including due to the impact of emerging claim and coverage issues and disputes that could impact reserve adequacy;
risks relating to our acquisitions, including our ability to evaluate opportunities, successfully price acquisitions, address operational challenges, support our planned growth and assimilate acquired portfolios and companies into our internal control system in order to maintain effective internal controls, provide reliable financial reports and prevent fraud;
risks relating to climate change and its potential impact on the returns from our run-off business and our investments;
changes in tax laws or regulations applicable to us or our subsidiaries, including the Bermuda Corporate Income Tax, or the risk that we or one of our non-U.S. subsidiaries become subject to significant, or significantly increased, income taxes in the U.S. or elsewhere;
the risk that U.S. persons who own our ordinary shares might become subject to adverse U.S. tax consequences as a result of related person insurance income;
risks relating to our ability to obtain regulatory approvals, including the timing, terms and conditions of any such approvals, and to satisfy other closing conditions in connection with our acquisition agreements, which could affect our ability to complete acquisitions;
risks relating to the variability of statutory capital requirements and the risk that we may require additional capital in the future, which may not be available or may be available only on unfavorable terms;
the risk that our reinsurance subsidiaries may not be able to provide the required collateral to ceding companies pursuant to their reinsurance contracts, including through the use of letters of credit;
risks relating to the availability and collectability of our ceded reinsurance;
the ability of our subsidiaries to distribute funds to us and the resulting impact on our liquidity;
losses due to foreign currency exchange rate fluctuations;
the risk that the value of our investment portfolios and the investment income that we receive from these portfolios may decline materially as a result of market fluctuations and economic conditions, including those related to interest rates, credit spreads and equity prices (including the risk that we may realize losses related to declines in the value of our investments portfolios if we elect to, or are required to, sell investments with unrealized losses);
risks relating to our ability to structure our investments in a manner that recognizes our liquidity needs;
risks relating to our strategic investments in alternative asset classes and joint ventures, which are illiquid and may be volatile;
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
risks relating to our ability to accurately value our investments, which requires methodologies, estimates and assumptions that can be highly subjective, and the inaccuracy of which could adversely affect our financial condition;
risks relating to our liquidity demands and the structure of our investment portfolios, which may adversely affect the performance of our investment portfolio and financial results;
risks relating to the complex regulatory environment in which we operate, including that ongoing or future industry regulatory developments will disrupt our business, affect the ability of our subsidiaries to operate in the ordinary course or to make distributions to us, or mandate changes in industry practices in ways that increase our costs, decrease our revenues or require us to alter aspects of the way we do business;
risks relating to laws and regulations regarding sanctions and foreign corrupt practices, the violation of which could adversely affect our financial condition and results of operations;
loss of key personnel;
the risk that some of our directors, large shareholders and their affiliates have interests that can create conflicts of interest through related party transactions;
the risk that outsourced providers could breach their obligations to us which could adversely affect our business and results of operations;
operational risks, including cybersecurity events, external hazards, human failures or other difficulties with our information technology systems that could disrupt our business or result in the loss of critical and confidential information, increased costs; and
risks relating to the ownership of our shares resulting from certain provisions of our bye-laws and our status as a Bermuda company.
The factors listed above should not be construed as exhaustive and should be read in conjunction with the Risk Factors that are included in our Annual Report on Form 10-K for the year ended December 31, 2023. We undertake no obligation to publicly update or review any forward-looking statement, whether to reflect any change in our expectations with regard thereto, or as a result of new information, future developments or otherwise, except as required by law.
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PART I — FINANCIAL INFORMATION
ITEM 1.   FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED FINANCIAL STATEMENTSPage

Enstar Group Limited | First Quarter 2024 | Form 10-Q                 8

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ENSTAR GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2024 and December 31, 2023
March 31, 2024December 31, 2023
(expressed in millions of U.S. dollars, except share data)
ASSETS
Short-term investments, trading, at fair value$6 $2 
Short-term investments, available-for-sale, at fair value (amortized cost: 2024 — $41; 2023 — $62)
41 62 
Fixed maturities, trading, at fair value1,862 1,949 
Fixed maturities, available-for-sale, at fair value (amortized cost: 2024 — $5,462; 2023 — $5,642; net of allowance: 2024 — $17; 2023 — $16)
5,046 5,261 
Funds held4,880 5,251 
Equities, at fair value (cost: 2024 — $602; 2023 — $615)
738 701 
Other investments, at fair value (includes consolidated variable interest entity: 2024 - $97; 2023 - $59)
4,018 3,853 
Equity method investments326 334 
Total investments (Note 3 and Note 9)
16,917 17,413 
Cash and cash equivalents (includes consolidated variable interest entity: 2024 — $0; 2023 — $8)
450 564 
Restricted cash and cash equivalents310 266 
Accrued interest receivable73 71 
Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2024 — $121; 2023 — $131)
692 740 
Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 9)
207 217 
Insurance balances recoverable (net of allowance: 2024 and 2023 — $5) (Note 8)
170 172 
Net deferred charge assets (Note 5)
701 731 
Other assets 745 739 
TOTAL ASSETS$20,265 $20,913 
LIABILITIES
Losses and loss adjustment expenses (Note 6)
$10,452 $11,196 
Losses and loss adjustment expenses, at fair value (Note 6 and Note 9)
1,098 1,163 
Defendant asbestos and environmental liabilities (Note 8)
556 567 
Insurance and reinsurance balances payable107 43 
Debt obligations 1,832 1,831 
Other liabilities (includes consolidated variable interest entity: 2024 — $0; 2023 — $1)
474 465 
TOTAL LIABILITIES14,519 15,265 
COMMITMENTS AND CONTINGENCIES (Note 15)
SHAREHOLDERS’ EQUITY (Note 12)
Voting ordinary shares (par value $1 each, issued and outstanding 2024: 15,224,431; 2023: 15,196,685)
15 15 
Preferred Shares:
Series C Preferred Shares (issued and held in treasury 2024 and 2023: 388,571)
  
Series D Preferred Shares (issued and outstanding 2024 and 2023: 16,000; liquidation preference $400)
400 400 
Series E Preferred Shares (issued and outstanding 2024 and 2023: 4,400; liquidation preference $110)
110 110 
Treasury shares, at cost:
Series C Preferred shares (2024 and 2023: 388,571)
(422)(422)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2024 and 2023: 565,630)
(1)(1)
Additional paid-in capital585 579 
Accumulated other comprehensive loss(364)(336)
Retained earnings5,309 5,190 
Total Enstar Shareholders’ Equity5,632 5,535 
Noncontrolling interests (Note 11)
114 113 
TOTAL SHAREHOLDERS’ EQUITY5,746 5,648 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$20,265 $20,913 
See accompanying notes to the unaudited condensed consolidated financial statements.
Enstar Group Limited | First Quarter 2024 | Form 10-Q                 9

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ENSTAR GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended March 31,
20242023
(expressed in millions of U.S. dollars, except share and per share data)
REVENUES
Net premiums earned$11 $8 
Net investment income160 156 
Net realized losses(6)(18)
Fair value changes in trading securities, funds held and other investments85 206 
Other income 280 
Total revenues250 632 
EXPENSES
Net incurred losses and loss adjustment expenses
Current period5 10 
Prior periods(24)(10)
Total net incurred losses and loss adjustment expenses(19) 
Amortization of net deferred charge assets30 17 
Acquisition costs1 2 
General and administrative expenses87 89 
Interest expense22 23 
Net foreign exchange gains(9)(6)
Total expenses112 125 
INCOME BEFORE INCOME TAXES138 507 
Income tax (expense) benefit(5)1 
(Loss) income from equity method investments(5)11 
NET INCOME128 519 
Net income attributable to noncontrolling interests (86)
NET INCOME ATTRIBUTABLE TO ENSTAR128 433 
Dividends on preferred shares(9)(9)
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS$119 $424 
Earnings per ordinary share attributable to Enstar Ordinary Shareholders:
Basic$8.13 $24.97 
Diluted$8.02 $24.79 
Weighted average ordinary shares outstanding:
Basic14,641,158 16,980,240 
Diluted14,833,840 17,100,954 

See accompanying notes to the unaudited condensed consolidated financial statements.
Enstar Group Limited | First Quarter 2024 | Form 10-Q                 10

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ENSTAR GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2024 and 2023
 
Three Months Ended
March 31,
20242023
 (expressed in millions of U.S. dollars)
NET INCOME$128 $519 
Other comprehensive income (loss), net of income taxes:
Unrealized (losses) gains on fixed maturities, available-for-sale arising during the period(33)57 
Reclassification adjustment for change in allowance for credit losses recognized in net income1 (9)
Reclassification adjustment for net realized losses included in net income5 27 
Unrealized (losses) gains arising during the period, net of reclassification adjustments(27)75 
Reclassification adjustment for remeasurement of future policyholder benefits included in net income (363)
Change in currency translation adjustment(1)5 
Total other comprehensive loss(28)(283)
Comprehensive income100 236 
Comprehensive loss attributable to noncontrolling interests 3 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSTAR$100 $239 

See accompanying notes to the unaudited condensed consolidated financial statements.

Enstar Group Limited | First Quarter 2024 | Form 10-Q                 11

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ENSTAR GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the Three Months Ended March 31, 2024 and 2023
Share Capital
Non-voting Convertible Ordinary SharesPreferred SharesTreasury Shares
Voting Ordinary SharesSeries C Series ESeries C Convertible Participating Non-VotingSeries DSeries ESeries C Preferred SharesJSOPAPICAOCIRetained EarningsTotal Enstar Shareholders' EquityNCITotal Shareholders' Equity
(in millions of U.S. dollars)
Three Months Ended March 31, 2024
Balance as at December 31, 2023$15 $ $ $ $400 $110 $(422)$(1)$579 $(336)$5,190 $5,535 $113 $5,648 
Net income attributable to Enstar or noncontrolling interests— — — — — — — — — — 128 128 — 128 
Dividends on preferred shares— — — — — — — — — — (9)(9)— (9)
Amortization of share-based compensation— — — — — — — — 8 — — 8 — 8 
Other comprehensive loss, net of tax— — — — — — — — — (28)— (28)— (28)
Other— — — — — — — — (2)— — (2)1 (1)
Balance as at March 31, 2024$15 $ $ $ $400 $110 $(422)$(1)$585 $(364)$5,309 $5,632 $114 $5,746 
Three Months Ended March 31, 2023
Balance as at December 31, 2022$16 $1 $ $ $400 $110 $(422)$(1)$766 $(302)$4,406 $4,974 $186 $5,160 
Net income attributable to Enstar or noncontrolling interests— — — — — — — — — — 433 433 85 518 
Dividends on preferred shares— — — — — — — — — — (9)(9)— (9)
Ordinary shares repurchased— (1)— — — — — — (339)— — (340)— (340)
Amortization of share-based compensation— — — — — — — — 6 — — 6 — 6 
Acquisition of noncontrolling shareholders' interest in subsidiary— — — — — — — — 9 — — 9 (174)(165)
Other comprehensive loss, net of tax— — — — — — — — — (194)— (194)(90)(284)
Other— — — — — — — — (2)— — (2)— (2)
Balance as at March 31, 2023$16 $ $ $ $400 $110 $(422)$(1)$440 $(496)$4,830 $4,877 $7 $4,884 

See accompanying notes to the unaudited condensed consolidated financial statements.
Enstar Group Limited | First Quarter 2024 | Form 10-Q                                 12

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ENSTAR GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended March 31,
20242023
 (expressed in millions of U.S. dollars)
OPERATING ACTIVITIES:
Net income $128 $519 
Adjustments to reconcile net income to cash flows provided by operating activities:
Realized losses on investments6 18 
Fair value changes in trading securities, funds held and other investments(85)(206)
Amortization of net deferred charge assets30 17 
Depreciation, accretion and other amortization(5)2 
Net gain on Enhanzed Re novation (275)
Loss (income) from equity method investments5 (11)
Other adjustments(3)(26)
Changes in:
Reinsurance balances recoverable on paid and unpaid losses57 (64)
Losses and loss adjustment expenses(803)(564)
Defendant asbestos and environmental liabilities(11)(11)
Insurance and reinsurance balances payable64 9 
Other operating assets and liabilities16 (45)
Funds held367 290 
Cash from/to operating activities:
Cash consideration for the Enhanzed Re novation 94 
Sales and maturities of trading securities177 348 
Purchases of trading securities(111)(25)
Net cash flows (used in) provided by operating activities(168)70 
INVESTING ACTIVITIES:
Sales and maturities of available-for-sale securities529 736 
Purchase of available-for-sale securities(345)(589)
Purchase of other investments(244)(123)
Proceeds from other investments161 69 
Other investing activities1 1 
Net cash flows provided by investing activities102 94 
FINANCING ACTIVITIES:
Dividends on preferred shares(9)(9)
Repurchase of shares (340)
Other1  
Net cash flows used in financing activities(8)(349)
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH AND CASH EQUIVALENTS4 (2)
NET DECREASE IN CASH AND CASH EQUIVALENTS(70)(187)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD830 1,330 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD$760 $1,143 
Enstar Group Limited | First Quarter 2024 | Form 10-Q                      13

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Supplemental Cash Flow Information:
Income taxes (received) paid, net of refunds$(14)$1 
Interest paid$32 $32 
Reconciliation to Consolidated Balance Sheets:
Cash and cash equivalents $450 $828 
Restricted cash and cash equivalents310 315 
Cash, cash equivalents and restricted cash$760 $1,143 
Non-cash operating activities:
Novation of future policy holder benefits 828 
Funds held directly managed transferred in exchange on novation of future policy holder benefits (949)
Other assets / liabilities transferred on novation of future policy holder benefits (62)
Losses and loss adjustment expenses transferred in connection with settlement of participation in Atrium's Syndicate 609 173 
Investments transferred in connection with settlement of participation in Atrium's Syndicate 609 (173)
Non-cash investing activities:
Unsettled purchases of available-for-sale securities and other investments$5 $14 
Unsettled sales of available-for-sale securities and other investments(10)(8)
See accompanying notes to the unaudited condensed consolidated financial statements.
Enstar Group Limited | First Quarter 2024 | Form 10-Q                      14

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ENSTAR GROUP LIMITED
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
Enstar Group Limited ("Enstar") is a leading global (re)insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe and Australia. Our core focus is acquiring and managing (re)insurance companies and portfolios of (re)insurance business in run-off.
These unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Rules and Regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the financial information and note disclosures required by U.S. GAAP for complete consolidated financial statements.
In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, that are normal and recurring in nature, necessary for a fair statement of the financial results for the interim periods. All intercompany accounts and transactions have been eliminated and certain comparative information has been reclassified to conform to the current presentation.
The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Recently Issued Accounting Pronouncements Not Yet Adopted
ASU 2023-07 - Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, which includes the following amendments to Topic 280 Segment Reporting:
Disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss;
Disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition;
Disclose, on an interim basis, all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280;
Clarify that an entity is not precluded from reporting one or more additional measure(s) of segment profit or loss if the CODM uses more than one measure in assessing segment performance and deciding how to allocate resources;
Disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources; and
Require an entity with a single reportable segment to provide all disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280.
These amendments are effective for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024, and must be applied retrospectively to all prior periods presented. Early adoption is permitted.
Adopting ASU 2023-07 will require us to expand our segment disclosures. We are currently determining the period in which the new guidance will be adopted.
ASU 2023-09 - Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, which includes the following amendments to Topic 740 Income Taxes:
Disclose, on an annual basis, specific categories in the rate reconciliation;
Enstar Group Limited | First Quarter 2024 | Form 10-Q                      15

Table of Contents
Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 1. Basis of Presentation
Disclose, on an annual basis, additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate);
Disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes;
Disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received);
Disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign;
Disclose income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign;
Eliminates the requirement to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made; and
Eliminates the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures.
These amendments are effective for annual reporting periods beginning after December 15, 2024, and should be applied prospectively, however retrospective application is permitted. Early adoption is permitted.
Adopting ASU 2023-09 will require us to expand our income tax disclosures. We are currently determining the period in which the new guidance will be adopted.

2. SEGMENT INFORMATION
Our segment structure is aligned with how our CODM, our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. Effective January 1, 2024, our business is organized into two reportable segments: (i) Run-off and (ii) Investments. In addition, our Corporate and other activities, which do not qualify as an operating segment, include income and expense items that are not directly attributable to our reportable segments and activities from the former Assumed Life and Legacy Underwriting reportable segments.
Effective January 1, 2024, each of our Assumed Life and Legacy Underwriting reportable segments were determined to no longer meet the definition of reportable segments as they no longer engage in any active business activities following the series of commutation and novation transactions in Enhanzed Re and the settlement of the arrangements between SGL No. 1, Arden, and Atrium. Given the cessation of business activities and that all remaining activities are not expected to be material, all residual income or expense of the former Assumed Life and Legacy Underwriting reportable segments will be prospectively included within our Corporate and other activities.
The Assumed Life segment previously included Enhanzed Re’s life and property aggregate excess of loss (catastrophe) business. In August 2022, Enhanzed Re entered into a Master Agreement with Cavello Bay Reinsurance Limited (“Cavello”), a wholly-owned subsidiary of Enstar, and Allianz, pursuant to which a series of commutation and novation agreements were completed which ceased any continuing reinsurance obligations for this segment. We recognized the impact of transactions that closed in the fourth quarter of 2022 in the first quarter of 2023 due to the quarter lag in reporting.
The Legacy Underwriting segment previously included participation in direct underwriting activities, including a 25% participation within 2020 and prior underwriting years of Atrium's Syndicate 609 at Lloyd's, offset by the contractual transfer of the results of that business to the Atrium entities that were divested in an exchange transaction. All remaining contractual arrangements were settled in the second quarter of 2023. Other than the settlement of these amounts, no other transactions were recorded in the Legacy Underwriting segment in 2023.
Enstar Group Limited | First Quarter 2024 | Form 10-Q                      16

Table of Contents
Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 2. Segment Information
Our assets are reviewed on a consolidated basis by management for decision making purposes since they support business operations across both of our reportable segments as well as our Corporate and other activities. We do not allocate assets to our reportable segments with the exception of (re)insurance balances recoverable on paid and unpaid losses and goodwill (all goodwill is attributable to the Run-off segment) that are directly attributable to our reportable segments.
The following table sets forth select unaudited condensed consolidated statements of operations results by segment and our Corporate and other activities:
Three Months Ended
March 31,
20242023
(in millions of U.S. dollars)
Revenues
Run-off$14 $13 
Investments239 344 
Assumed Life (1)
 275 
Subtotal253 632 
Corporate and other (1)
(3) 
Total revenues$250 $632 
(Loss) income from equity method investments
Investments$(5)$11 
Segment net income (loss)
Run-off
$(11)$(5)
Investments
224 344 
Assumed Life (1)
 275 
Total segment net income213 614 
Corporate and other (1):
Other expense (2)
(3) 
Net incurred losses and loss adjustment expenses (“LAE”) (3)
1 (23)
Amortization of net deferred charge assets(30)(17)
General and administrative expenses(35)(39)
Interest expense(22)(23)
Net foreign exchange gains9 6 
Income tax (expense) benefit(5)1 
Net income attributable to noncontrolling interests (86)
Dividends on preferred shares(9)(9)
  Total - Corporate and other loss
(94)(190)
Net income attributable to Enstar Ordinary Shareholders$119 $424 
(1) Effective January 1, 2024, Assumed Life and Legacy Underwriting were determined to no longer meet the definition of reportable segments and their residual income and loss activities were prospectively included in Corporate and other activities. Activities prior to January 1, 2024 are recorded in their respective segments. In addition, Legacy Underwriting had no revenue or income activity for the three months ended March 31, 2024 and 2023 and therefore is excluded from the table above.
(2) Other expense for Corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC.
(3) Net incurred losses and LAE for Corporate and other activities includes fair value adjustments associated with the acquisition of companies and the changes in the discount rate and risk margin components of the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option.
Enstar Group Limited | First Quarter 2024 | Form 10-Q                      17

Table of Contents
Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 3. Investments
3. INVESTMENTS
Short-term and Fixed Maturity Investments
Asset Types
The fair values of the following underlying asset categories are set out below:
March 31, 2024
Short-term investments, tradingShort-term investments, AFSFixed maturities, tradingFixed maturities, AFSTotal
(in millions of U.S. dollars)
U.S. government and agency$ $20 $64 $207 $291 
U.K. government  18 42 60 
Other government2 2 115 245 364 
Corporate4 19 1,322 2,582 3,927 
Municipal  46 86 132 
Residential mortgage-backed  55 410 465 
Commercial mortgage-backed  134 722 856 
Asset-backed  108 752 860 
Total fixed maturity and short-term investments$6 $41 $1,862 $5,046 $6,955 
December 31, 2023
Short-term investments, tradingShort-term investments, AFSFixed maturities, tradingFixed maturities, AFSTotal
(in millions of U.S. dollars)
U.S. government and agency$ $38 $76 $212 $326 
U.K. government  21 51 72 
Other government 2 144 245 391 
Corporate2 22 1,349 2,758 4,131 
Municipal  49 93 142 
Residential mortgage-backed  55 432 487 
Commercial mortgage-backed  138 703 841 
Asset-backed  117 767 884 
Total fixed maturity and short-term investments$2 $62 $1,949 $5,261 $7,274 
Included within residential mortgage-backed securities as of March 31, 2024 were securities issued by U.S. governmental agencies with a fair value of $278 million (December 31, 2023: $306 million).
Included within commercial mortgage-backed securities as of March 31, 2024 were securities issued by U.S. governmental agencies with a fair value of $66 million (December 31, 2023: $73 million).
Enstar Group Limited | First Quarter 2024 | Form 10-Q                      18

Table of Contents
Item 1 | Notes to the Unaudited Condensed Consolidated Financial Statements | Note 3. Investments
Contractual Maturities
The contractual maturities of our short-term and fixed maturity investments, classified as trading and AFS are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
As of March 31, 2024Amortized
Cost
Fair Value% of Total Fair Value
(in millions of U.S. dollars)
One year or less$350 $345