10-Q 1 esgr-20220331.htm 10-Q esgr-20220331
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, 2022
Commission File Number 001-33289
esgr-20220331_g1.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.)
Windsor Place, 3rd Floor, 22 Queen Street, Hamilton HM JX, 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 filer
Accelerated filer¨Non-accelerated filer¨Smaller 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 4, 2022, the registrant had outstanding 16,445,812 voting ordinary shares and 1,597,712 non-voting convertible ordinary shares, each par value $1.00 per share.
1


Enstar Group Limited
Quarterly Report on Form 10-Q
For the Period Ended March 31, 2022
Table of Contents
 
2

GLOSSARY OF KEY TERMS
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 BVPS
Adjusted book value per ordinary share - Non-GAAP financial measure calculated by dividing Enstar ordinary shareholders’ equity, adjusted to add the proceeds from assumed exercise of warrants, by the number of ordinary shares outstanding, adjusted for the exercise of warrants and equity awards granted and not yet vested. See “Non-GAAP Financial Measures” in Part I, Item 2 for reconciliation.
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” in Part I, Item 2 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” in Part I, Item 2 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” in Part I, Item 2 for reconciliation.
AFSAvailable-for-sale
AmTrustAmTrust Financial Services, Inc.
Annualized
Calculation of the quarterly or year-to-date result multiplied by four and then divided by the number of quarters elapsed.
AOCI
Accumulated other comprehensive income
ArdenArden Reinsurance Company Ltd.
Atrium
Atrium Underwriting Group Limited
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.
CitcoCitco III Limited
CLOCollateralized loan obligation
Core SpecialtyCore Specialty Insurance Holdings, Inc.
DCoDCo LLC
Defendant A&E liabilitiesDefendant 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 our properties.
DCA
Deferred charge asset - The amount by which estimated ultimate losses payable exceed the premium consideration received at the inception of a retroactive reinsurance agreement and that are subsequently amortized over the estimated loss settlement period.
Dowling FundsDowling Capital Partners I, L.P. and Capital City Partners LLC
EB Trust
Enstar Group Limited Employee Benefit Trust
Enhanzed ReEnhanzed Reinsurance Ltd.
EnstarEnstar Group Limited and its consolidated subsidiaries
Enstar FinanceEnstar Finance LLC
ESG
Environmental, social and governance
3

GLOSSARY OF KEY TERMS
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.
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 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.
Gate or side-pocket
A gate is the ability to deny or delay a redemption request, whereas a side-pocket is a designated account for which the investor loses its redemption rights.
Hillhouse Group
Hillhouse Capital Management, Ltd. and Hillhouse Capital Advisors, Ltd.
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. These provisions are shown net of reinsurance balances recoverable.
InRe FundInRe Fund, L.P.
Investable assetsThe sum of total investments, cash and cash equivalents, restricted cash and cash equivalents and funds held
JSOPJoint Share Ownership Program
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
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 ReMonument Insurance Group Limited
Morse TEC Morse TEC LLC
NAVNet asset value
NCINoncontrolling interest
New businessMaterial transactions, other than business acquisitions, which generally take the form of reinsurance or direct business transfers.
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
Policy buy-backSimilar to a commutation, for direct insurance contracts
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
Q1
First quarter or three months ended March 31
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.
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.
4

GLOSSARY OF KEY TERMS
RLERun-off liability earnings – GAAP-based financial measure calculated by dividing prior period development by average net loss reserves.
RNCIRedeemable noncontrolling interest
ROEReturn on equity - GAAP-based financial measure calculated by dividing net earnings (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.
SASB
Sustainability Accounting Standards Board
SECU.S. Securities and Exchange Commission
SGL No. 1SGL No. 1 Limited
SSHLStarStone Specialty Holdings Limited
StarStone InternationalStarStone's non-U.S. operations
StarStone U.S.StarStone U.S. Holdings, Inc. and its subsidiaries
Step Acquisition
The purchase of the entire equity interest in Enhanzed Re held by an affiliate of Hillhouse Capital Management Ltd and Hillhouse Capital Advisors, Ltd.
Stone PointStone Point Capital LLC
SULStarStone Underwriting Limited
TCFD
Task Force on Climate-Related Financial Disclosures
TIRTotal investment return - GAAP financial measure calculated by dividing total investment return recognized in earnings 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
2021 Repurchase Program
An ordinary share repurchase program adopted by our Board of Directors on November 29, 2021, for the purpose of repurchasing a limited number of our ordinary shares, not to exceed $100 million in aggregate. This plan was fully utilized in April 2022.
5

PART I — FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Unless the context indicates otherwise, the terms "Enstar," "we," "us" or "our" mean Enstar Group Limited and its consolidated subsidiaries.
The following discussion and analysis of our financial condition as of March 31, 2022 and our results of operations for the three months ended March 31, 2022 and 2021 should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this quarterly report and the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2021.
Some of the information contained in this discussion and analysis or included elsewhere in this quarterly report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and the timing of events could differ materially from those anticipated by these forward-looking statements as a result of many factors, including those discussed under "Cautionary Statement Regarding Forward-Looking Statements" and Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021.
Table of Contents
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 6

Item 2 | Management's Discussion and Analysis | Operational Highlights
Operational Highlights
Our consolidated results for the three months ended March 31, 2022 reflect our continued progress on providing capital release solutions to our clients by acquiring and managing their run-off portfolios.
Operational highlights for the quarter include:
Agreed to assume $3.1 billion of loss reserves from Run-off Transactions
On January 10, 2022 we entered into an agreement with Aspen Insurance Holdings Limited (“Aspen”) to assume $3.1 billion of net loss reserves in a LPT transaction, subject to a limit of $3.6 billion. An existing ADC between Aspen and us that closed in June 2020 will be absorbed into this LPT.
As a result of this LPT, we will assume an incremental $2.4 billion of net loss reserves with a diverse mix of property, liability and specialty lines of business, in exchange for incremental premium of $2.4 billion,1 and assume claims control.
This transaction is expected to close in the second quarter of 2022.
Redeployed funds into new Investment Opportunities
Following the redemption and subsequent liquidation of the InRe Fund L.P. (the “InRe Fund”) in 2021, we have invested or committed the remaining proceeds into liquid and illiquid non-core assets in accordance with our strategic asset allocation.
For certain illiquid asset classes such as private equity, real estate equity and infrastructure equity, funds have been committed to the appointed manager. For these illiquid asset classes, our manager is deploying funds into liquid non-core asset classes while implementing a plan to rotate these investments into illiquid asset classes over time. We expect this rotation will be complete over the medium term.
Executed Capital Transactions
We completed a $500 million junior subordinated notes offering in January 2022, the net proceeds of which were primarily used to fund the payment at maturity of the outstanding $280 million aggregate principal amount of our senior notes, which matured on March 10, 2022. We intend to use the remaining net proceeds for general corporate purposes, including, but not limited to, funding our acquisitions, working capital and other business opportunities.
Under our 2021 Repurchase Program, we repurchased 162,134 voting ordinary shares in the quarter for $42 million, representing an average price per share of $257.49 and a weighted average discount to our net book value per ordinary share of 18.6%. As of March 31, 2022, we had repurchased $83 million of our ordinary shares of the $100 million authorized under the 2021 Repurchase Program.
ESG Initiatives
We made progress on our environmental, social and governance ("ESG") strategy. In the first quarter of 2022, we published our inaugural Corporate Sustainability Report, a Sustainability Accounting Standards Board (“SASB”) Report and a Task Force on Climate-Related Financial Disclosures (“TCFD”) Report.
We also announced a partnership with two U.K.-based women’s sports teams as part of our commitment to championing diversity and equality for women. Our ESG strategy remains focused on addressing climate change, sustainable investing, and developing our human capital. We believe that our achievements to date, in addition to our ongoing and future priorities, will benefit the communities we have a presence in and are an investment in our long-term value.
1 The amount of net loss reserves assumed, as well as the premium and limit amounts provided in the LPT agreement, will be adjusted for claims paid between October 1, 2021 and the closing date of the transaction pursuant to terms of the contract.
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 7

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations
Consolidated Results of Operations - For the Three Months Ended March 31, 2022 and 2021
The following table sets forth our condensed consolidated statements of earnings:
 Three Months Ended
March 31,$
Change
% / pp
 Change
 20222021
 (in millions of U.S. dollars, except per share data)
Underwriting Results
Net premiums earned$34 $93 $(59)(63)%
Net incurred losses and LAE
Current period (13)(54)41 (76)%
Prior period143 110 33 30 %
Total net incurred losses and LAE130 56 74 132 %
Policyholder benefit expenses(12)— (12)NM
Acquisition costs(8)(34)26 (76)%
Investment Results
Net investment income80 62 18 29 %
Net realized losses(37)(11)(26)236 %
Net unrealized losses(381)(10)(371)NM
Earnings from equity method investments31 118 (87)(74)%
General and administrative expenses(85)(83)(2)%
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS$(282)$183 $(465)(254)%
GAAP measures:
Return on equity (“ROE”)(5.0)%3.0 %(8.0) pp
Annualized ROE(20.2)%11.9 %(32.1) pp
Annualized Run-off liability earnings (“RLE”)5.1 %5.0 %0.1  pp
Annualized total investment return (“TIR”)(6.1)%3.6 %(9.7) pp
Non-GAAP measures:
Adjusted ROE*(1.4)%5.4 %(6.8) pp
Annualized Adjusted ROE*(5.7)%21.7 %(27.4) pp
Annualized Adjusted RLE *0.0 %1.2 %(1.2) pp
Annualized Adjusted TIR*0.5 %8.4 %(7.9) pp
As of$ Change% Change
March 31, 2022December 31, 2021
GAAP measure:
Book value per ordinary share (“BVPS”)$286.51 $316.34 $(29.83)(9.4)%
Non-GAAP measure:
Adjusted BVPS*$282.10 $310.80 $(28.70)(9.2)%
pp - Percentage point(s)
NM - Not meaningful, we define NM as changes greater than or equal to +/- 300%.
*Non-GAAP measure; refer to "Non-GAAP Financial Measures" section for reconciliation to the applicable GAAP financial measure.
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 8

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations

Overall Measures of Performance
All percentages in the below charts are annualized.
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BVPS and Adjusted BVPS* decreased by 9.4% and 9.2%, respectively, from December 31, 2021 to March 31, 2022, primarily as a result of comprehensive losses for the quarter.
Annualized ROE and Annualized Adjusted ROE*
Three Months Ended March 31, 2022 versus 2021: Net loss attributable to Enstar ordinary shareholders was $282 million for the three months ended March 31, 2022, representing an ROE and Adjusted ROE* of (5.0)% and (1.4)%, respectively, in comparison to net earnings of $183 million for the same period in 2021, representing an ROE and Adjusted ROE of 3.0% and 5.4%, respectively.
On an annualized basis, this drove a 32.1 percentage points ("pp") decrease in Annualized ROE and a 27.4 pp decrease in Annualized Adjusted ROE*. These declines were primarily a result of:
i.net realized and unrealized losses on other investments, including equities of $84 million for the three months ended March 31, 2022 compared to net realized and unrealized gains of $185 million in the comparative period. This decline in net realized and unrealized gains on other investments contributed 18.0 and 20.0 pp to the total reduction in Annualized ROE and Annualized Adjusted ROE*, respectively;
ii.net realized and unrealized losses on fixed maturity securities of $334 million for the three months ended March 31, 2022 compared to losses of $206 million in the comparative period, primarily driven by rising interest rates and widening credit spreads. This unfavorable movement impacted Annualized ROE by 10.5 pp with no impact to Annualized Adjusted ROE* as this is excluded from the calculation of the measure; and
iii.earnings from equity method investments decreased by $87 million or 74%, largely due to our acquisition of the controlling interest in Enhanzed Re, effective September 1, 2021 (consolidated net earnings from Enhanzed Re business, inclusive of investment results, corporate allocations and the effect of noncontrolling interests were $15 million for the three months ended March 31, 2022). This unfavorable movement impacted Annualized ROE and Annualized Adjusted ROE* by 5.4 and 6.3 pp, respectively.
These negative factors were partially offset by:
iv.favorable prior period development (“PPD”) of $143 million for the three months ended March 31, 2022, which was $33 million higher than the comparative period, primarily due to favorable PPD on Enhanzed Re’s catastrophe book and a favorable change in the interest rate components of the valuation of liabilities for which we have elected the fair value option, partially offset by an increase in DCA amortization. These favorable movements contributed 3.1 pp to Annualized ROE.
*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 9

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations
We have discussed the results of our operations by aggregating certain captions from our condensed consolidated statement of earnings, as we believe it provides a more meaningful view of our results and eliminates repetition that would arise if captions were discussed on an individual basis.
In order to facilitate discussion, we have grouped the following captions:
Underwriting results: includes net premiums earned, net incurred losses and LAE, policyholder benefit expenses and acquisition costs.
Investment results: includes net investment income, net realized losses, net unrealized losses and earnings from equity method investments.
General and administrative results: includes general and administrative expenses.
Underwriting Results
Our strategy is focused on effectively managing portfolios and businesses in run-off. Although we have largely exited our active underwriting platforms, we still record net premiums earned and the associated current period net incurred losses and LAE and acquisition costs as a result of new transactions during the year and the run-off of unearned premiums from transactions completed in recent years.
Premiums earned in the Run-off segment are offset by the related current period net incurred losses and LAE and acquisition costs.
The components of underwriting results are as follows:
Three Months Ended March 31,
20222021
Run-offEnhanzed ReLegacy UnderwritingCorporate and otherTotalRun-offLegacy UnderwritingCorporate and otherTotal
(in millions of U.S. dollars)
Net premiums earned$17 $14 $$— $34 $73 $20 $— $93 
Net incurred losses and LAE:
Current period11 — — 13 44 10 — 54 
Prior periods(50)(29)(1)(63)(143)(39)(6)(65)(110)
Total net incurred losses and LAE(39)(29)(63)(130)(65)(56)
Policyholder benefit expenses— 12 — — 12 — — — — 
Acquisition costs— — — 29 — 34 
Underwriting results$48 $31 $$63 $144 $39 $11 $65 $115 
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 10

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations
Current Period
The current period underwriting results from our (re)insurance operations include net earned premiums that have been declining as we transition away from active underwriting activities.
esgr-20220331_g4.jpg
The reductions in net premiums earned, current period net incurred losses and LAE and acquisition costs were driven by reduced levels of activity arising from our exit of our active underwriting platforms beginning in 2020.
We continue to earn premium from our StarStone International business and from our Enhanzed Re segment. In comparison, our 2021 earned premium was primarily driven by StarStone International and AmTrust reinsurance to close (“RITC”) business, which was entered into in 2019.


Prior Periods - RLE
The below charts are in millions (RLE and Adjusted RLE*) and billions (Net Loss Reserves and Adjusted Net Loss Reserves*) of U.S. dollars and percentages are annualized.
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The following tables summarize RLE % and Adjusted RLE %* by acquisition year, which management believes is useful in measuring and monitoring performance of our claims management activity on the portfolios that we have acquired. This permits comparability between acquisition years of different loss reserve volumes.
Our calculation of RLE % includes the impact of deferred charge asset (“DCA”) amortization, amortization of fair value adjustments and changes to the discount and risk margin factors relating to the fair value of liabilities where we elected the fair value option.
*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 11

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations
Three Months Ended March 31, 2022
RLE Adjusted RLE*
Acquisition YearPPDAverage net loss reservesAnnualized RLE %Adjusted PPD*Average adjusted net loss reserves*Annualized Adj RLE %*
(in millions of U.S. dollars)
2012 and prior$$581 $$613 
2013192 — 41 
2014826 — 58 
2015— 297 — 282 
2016— 757 801 
201778 855 — 912 
201825 1,004 1,024 
2019(7)1,094 (14)1,572 
2020(2)1,574 (5)1,532 
202142 4,079 4,538 
Total$143 $11,259 5.1 %$(1)$11,373 0.0 %
Three Months Ended March 31, 2022:
Overall, our Annualized RLE % was positively impacted by a reduction of $98 million relating to the change in the discount rate component of the fair value of liabilities for which we have elected the fair value option in the 2017 and 2018 acquisition years as a result of increases in interest rates.
In addition, we experienced favorable claim activity on Enhanzed Re’s catastrophe book in the 2021 acquisition year, primarily due to a settlement agreement that capped our COVID-19 losses.
Our Annualized Adjusted RLE %*, which excludes the changes in the interest components of our liabilities subject to fair value adjustments and changes in catastrophe loss liabilities, was flat in the period as other net favorable development was offset by amortization of our DCA.
Three Months Ended March 31, 2021
RLEAdjusted RLE*
Acquisition YearPPDAverage net loss reservesAnnualized RLE %Adjusted PPD*Average adjusted net loss reserves*Annualized Adj RLE %*
(in millions of U.S. dollars)
2012 and prior$— $508 $— $545 
2013142 — 59 
201410 1,015 10 86 
2015— 359 (1)342 
2016(3)849 — 890 
201766 1,056 — 1,043 
201819 1,324 10 1,304 
20191,210 1,714 
202011 1,960 1,904 
2021— 457 (3)854 
Total$110 $8,880 5.0 %$26 $8,741 1.2 %
Three Months Ended March 31, 2021:
Overall, our Annualized RLE % was positively impacted by a reduction of $75 million in the fair value of liabilities for which we have elected the fair value option in the 2017 and 2018 acquisition years due to rising interest rates.
For Annualized Adjusted RLE %*, our 2019 acquisition year experienced a $10 million favorable impact as a result of lower than expected asbestos related claim frequency related to our defendant A&E liabilities. The remaining Adjusted PPD* was derived from favorable emergence across various acquisition years and lines of business, net of the amortization of the DCA.
*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.

Enstar Group Limited | First Quarter 2022 | Form 10-Q                 12

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations
Investment Results
We strive to structure our investment holdings and the duration of our investments in a manner that recognizes our liquidity needs, including our obligation to pay losses and future policyholder benefit expenses.
The components of our investment results split between our fixed income assets (which includes our short-term and fixed maturity investments classified as trading and AFS, fixed maturity investments included within funds held-directly managed, cash and cash equivalents, including restricted cash and cash equivalents, and funds held by reinsured companies, collectively our “Fixed Income” assets) and other investments ("Other Investments") (which includes equities, the remainder of funds held-directly managed and equity method investments) are as follows:
Three Months Ended March 31,
20222021
Fixed IncomeOther InvestmentsTotalFixed IncomeOther InvestmentsTotal
(in millions of U.S. dollars)
Net investment income$61 $19 $80 $48 $14 $62 
Net realized (losses) gains (35)(2)(37)(12)(11)
Net unrealized (losses) gains(299)(82)(381)(194)184 (10)
Earnings from equity method investments— 31 31 — 118 118 
TIR ($)$(273)$(34)$(307)$(158)$317 $159 
Annualized TIR %(7.3)%(2.5)%(6.1)%(5.4)%20.3 %3.6 %
Annualized Adjusted TIR %*1.6 %(2.5)%0.5 %1.7 %20.3 %8.4 %
*Non-GAAP measure; refer to “Non-GAAP Financial Measures” section for reconciliation to the applicable GAAP financial measure.
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 13

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations
Net Investment Income
esgr-20220331_g9.jpg
Three Months Ended March 31, 2022 versus 2021: Net investment income increased primarily due to:
an increase in our average aggregate fixed income assets of $3.9 billion due to new business in 2021; and
an increase in our annualized book yield of 5 basis points, due to reinvestment of fixed maturities at higher yields.

Net Realized and Unrealized Losses
esgr-20220331_g10.jpg
Three Months Ended March 31, 2022 versus 2021: Net realized and unrealized losses increased primarily due to:
net realized and unrealized losses on fixed income securities of $334 million in 2022 compared to losses of $206 million in the prior period, an unfavorable movement of $128 million or 62% from the prior period, primarily driven by rising interest rates across U.S., U.K. and European markets, in addition to widening credit spreads in the current period.
net realized and unrealized losses on other investments, including equities, of $84 million in 2022 compared to gains of $185 million in the prior period, an unfavorable movement of $269 million, which was primarily driven by:
Losses from our fixed income funds, public equities, hedge funds and CLO equities, largely as a result of global equity market declines and the widening of high yield credit spreads. This was partially offset by gains on our private equity funds, private credit funds and real estate funds, which are typically recorded on a one quarter lag.
Net realized and unrealized gains for the three months ended March 31, 2021, which were driven by strong performance in our equities and equity funds, private equity funds, private credit funds, fixed income funds, CLO equity and CLO equity funds.
Earnings from equity method investments
esgr-20220331_g11.jpg
Three Months Ended March 31, 2022 versus 2021: earnings from equity method investments decreased, primarily due to:
our acquisition of the controlling interest in Enhanzed Re, which resulted in us consolidating Enhanzed Re effective September 1, 2021 (consolidated net earnings from Enhanzed Re were $15 million for the three months ended March 31, 2022). Prior to that date, the results of Enhanzed Re were recorded in earnings from equity method investments.

Enstar Group Limited | First Quarter 2022 | Form 10-Q                 14

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations
Return on investments
The below charts are in millions of U.S. dollars and all percentages are annualized.
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Three Months Ended March 31, 2022 versus 2021: Our Annualized TIR % and Annualized Adjusted TIR %* decreased by 9.7 pp and 7.9 pp, respectively, from 2021.
Fixed income securities
The TIR and Annualized TIR % on fixed income assets was $115 million and 1.9 pp lower, respectively, for the three months ended March 31, 2022 compared to 2021, primarily due to an increase in net realized and unrealized losses of $128 million.
The Adjusted TIR* and Annualized Adjusted TIR %* on fixed income assets was $13 million higher and 0.1 pp lower, respectively, for Q1 2022 compared to Q1 2021, due to increases in net investment income and fixed income assets.
Other investments, including equities
Both our TIR and Adjusted TIR*, and Annualized TIR % and Annualized Adjusted TIR %*, on other investments, including equities, was $351 million and 22.8 pp lower, respectively, for the three months ended March 31, 2022 compared to 2021, primarily due to:
an unfavorable movement in net realized and unrealized losses on other investments, including equities, of $269 million which lowered both our Annualized TIR % and Annualized Adjusted TIR %* by 18.2 pp; and
a reduction in earnings from equity method investments of $87 million which adversely impacted both our Annualized TIR % and Annualized Adjusted TIR %* by 5.2 pp.
Investable Assets
The below charts are in billions of U.S. dollars
esgr-20220331_g18.jpg esgr-20220331_g19.jpg
Investable assets decreased by 5.0% from December 31, 2021, primarily due to a decline in carrying value of our fixed income securities and other investments, including equities, and net paid losses.
Adjusted investable assets* decreased by 2.2% from December 31, 2021 to March 31, 2022, as a result of a decline in the carrying value of our other investments, including equities, and net paid losses.
The $1.0 billion reduction in cash and cash equivalents was driven by the redeployment of a portion of the InRe Fund redemptions to other investments, including equities.

*Non-GAAP measure; refer to "Non-GAAP Financial Measures" section for reconciliation to the applicable GAAP financial measures.
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 15

Item 2 | Management's Discussion and Analysis | Consolidated Results of Operations
Duration and average credit rating on fixed income securities and cash and cash equivalents
The fair value, duration and average credit rating by segment is as follows:
March 31, 2022December 31, 2021
Segment
Fair Value ($) (1)
Duration
(in years) (2)
Average Credit Rating (3)
Fair Value ($) (1)
Duration
(in years) (2)
Average Credit Rating (3)
Investments(in millions of U.S. dollars)(in millions of U.S. dollars)
Run-off$10,783 4.83A+$12,680 4.54A+
Enhanzed Re1,356 13.88A1,454 14.62A-
Total - Investments12,1395.97A+14,1345.69A+
Legacy Underwriting1912.29AA-2122.37AA-
Total$12,330 5.92A+$14,346 5.64A+
(1) The fair value of our fixed income securities and cash and cash equivalents by segment does not include the carrying value of cash and cash equivalents within our funds held-directly managed portfolios.
(2) The duration calculation includes cash and cash equivalents, short-term investments and fixed maturity securities, as well as the fixed maturity securities and cash and cash equivalents within our funds held-directly managed portfolios.
(3) The average credit ratings calculation includes cash and cash equivalents, short-term investments, fixed maturity securities and the fixed maturity securities within our funds held - directly managed portfolios.
The overall decrease in the balance of our fixed income securities and cash and cash equivalents of $2.0 billion for the three months ended March 31, 2022 was driven by the redeployment of a portion of the InRe Fund redemptions to other investments, including equities, net paid losses and the recognition of net unrealized losses on our fixed income securities as described above.
As of both March 31, 2022 and December 31, 2021, our fixed income securities and cash and cash equivalents had an average credit quality rating of A+.
As of March 31, 2022 and December 31, 2021, our fixed income securities that were non-investment grade (i.e. rated lower than BBB- and non-rated securities) comprised 6.4% and 5.6% of our total fixed income securities portfolio, respectively. The increase in non-investment grade fixed income securities was driven by the redeployment of a portion of the InRe Fund redemptions to higher-yield fixed income securities in the quarter.

General and Administrative Expenses
esgr-20220331_g20.jpgThree Months Ended March 31, 2022 versus 2021: The $2 million increase in general and administrative expenses was driven by higher salaries and benefits in the current quarter due to reductions in performance-based salaries and benefits costs in the comparative quarter, partially offset by reductions in IT costs as a result of reduced project activity in the current quarter.
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 16

Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures
Non-GAAP Financial Measures
In addition to our key financial measures presented in accordance with GAAP, we present other non-GAAP financial measures that we use to manage our business, compare our performance against prior periods and against our peers, and as performance measures in our annual incentive compensation program.
These non-GAAP financial measures provide an additional view of our operational performance over the long-term and provide the opportunity to analyze our results in a way that is more aligned with the manner in which our management measures our underlying performance.
The presentation of these non-GAAP financial measures, which may be defined and calculated differently by other companies, is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.
We have presented the results and GAAP reconciliations for these measures further below. The following tables present more information on each non-GAAP measure.
Non-GAAP MeasureDefinitionPurpose of Non-GAAP Measure over GAAP Measure
Adjusted book value per ordinary share
Total Enstar ordinary shareholders' equity

Divided by

Number of ordinary shares outstanding, adjusted for:
-the ultimate effect of any dilutive securities on the number of ordinary shares outstanding
Increases the number of ordinary shares to reflect equity awards granted but not yet vested as, over the long term, this presents a prudent view of our book value per share.

We use this non-GAAP measure in our annual incentive compensation program.
Adjusted return on equityAdjusted operating income (loss) attributable to Enstar ordinary shareholders divided by adjusted opening Enstar ordinary shareholder's equity
Calculating the operating income (loss) as a percentage of our adjusted opening Enstar ordinary shareholders' equity provides a more valuable and consistent measure of the performance of our business, and enhances comparisons to prior periods:

by adjusting investment returns for the temporary impact of the change in fair value of fixed maturity securities (both credit spreads and interest rates) which we hold until the earlier of maturity or used to fund any settlement of related liabilities which are generally recorded at cost;
by removing the impact of non-cash charges that obscure our trends on a consistent basis; and
by removing items that are not indicative of our ongoing operations;

We use this non-GAAP measure in our annual incentive compensation program.

We include the amortization of fair value adjustments as a non-GAAP adjustment to the adjusted operating income (loss) attributable to Enstar ordinary shareholders as it is considered to be a non-cash charge and not indicative of our operating results.



Adjusted operating income (loss) attributable to Enstar ordinary shareholders
(numerator)
Net earnings (loss) attributable to Enstar ordinary shareholders, adjusted for:
-net realized and unrealized (gains) losses on fixed maturity investments and funds held-directly managed
-change in fair value of insurance contracts for which we have elected the fair value option (1)
-amortization of fair value adjustments
-net gain/loss on purchase and sales of subsidiaries (if any)
-net earnings from discontinued operations (if any)
-tax effects of adjustments
-adjustments attributable to noncontrolling interest


Adjusted opening Enstar ordinary shareholders' equity (denominator)
Opening Enstar ordinary shareholders' equity, less:
-net unrealized gains (losses) on fixed maturity investments and funds held-directly managed,
-fair value of insurance contracts for which we have elected the fair value option (1),
-fair value adjustments, and
-net assets of held for sale or disposed subsidiaries classified as discontinued operations (if any)

Enstar Group Limited | First Quarter 2022 | Form 10-Q                 17

Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures
Adjusted total investment return (%)Adjusted total investment return (dollars) recognized in earnings for the applicable period divided by period average adjusted total investable assets.Provides a key measure of the return generated on the capital held in the business and is reflective of our investment strategy.

Provides a consistent measure of investment returns as a percentage of all assets generating investment returns.

Adjusts investment returns for the temporary impact of the change in fair value of fixed maturity securities (both credit spreads and interest rates) which we hold until the earlier of maturity or used to fund any settlement of related liabilities which are generally recorded at cost.
Adjusted total investment return ($) (numerator)
Total investment return (dollars), adjusted for:
-net realized and unrealized (gains) losses on fixed maturity investments and funds held-directly managed
Adjusted average aggregate total investable assets (denominator)
Total average investable assets, adjusted for:
-net unrealized (gains) losses on fixed maturities, AFS investments included within AOCI
-net unrealized (gains) losses on fixed maturities, trading instruments
Adjusted run-off liability earnings (%)
Adjusted PPD divided by average adjusted net loss reserves

Calculating the RLE as a percentage of our adjusted average net loss reserves provides a more meaningful measurement of our claims management performance.

We use this measure to evaluate our ability to settle our obligations for amounts less than our initial estimate at the point of acquiring the obligations.

In order to provide a complete and consistent picture of our claims performance, we combine the reduction (increase) in estimates of prior period net ultimate losses relating to our Run-off segment with the amortization of deferred charge assets, both of which are included in net incurred losses and LAE and have an inverse effect on our results. We also include our performance in managing our defendant A&E liabilities, that do not form part of loss reserves.

The remaining components of net incurred losses and LAE and net loss reserves are not considered key components of our claims performance as they are either not non-life run-off in nature, or are considered to be non-cash charges that obscure our trends on a consistent basis.

We use this measure to assess the performance of our claim strategies and part of the performance assessment of our past acquisitions.

Adjusted prior period development
(numerator)
Prior period net incurred losses and LAE, adjusted to:
Remove:
-Legacy Underwriting and Enhanzed Re operations
-the reduction/(increase) in provisions for unallocated LAE (ULAE)
-amortization of fair value adjustments,
-change in fair value of insurance contracts for which we have elected the fair value option (1),
and
Add:
-the reduction/(increase) in estimates of our defendant A&E ultimate net liabilities.

Adjusted net loss reserves
(denominator)
Net losses and LAE, adjusted to:
Remove:
-Legacy Underwriting and Enhanzed Re net loss reserves
-current period net loss reserves
-the net ULAE provision
-net fair value adjustments associated with the acquisition of companies,
-the fair value adjustments for contracts for which we have elected the fair value option (1) and
Add:
-net nominal defendant asbestos and environmental exposures.
Investable assets - management's view
Investable assets, adjusted to reallocate certain categories of investments based on management's view of the underlying economic exposure of a particular investment.

Refer to the reconciliation for further details.
Management’s view “looks through” the legal form of an investment and aggregates the classification based upon the underlying economic exposure of each investment, which is consistent with the manner in which management views our investment portfolio composition.
(1) Comprises the discount rate and risk margin components.

Enstar Group Limited | First Quarter 2022 | Form 10-Q                 18

Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Measures
The table below presents a reconciliation of BVPS to Adjusted BVPS*:
March 31, 2022December 31, 2021
Equity (1)
Ordinary SharesPer Share Amount
Equity (1)
Ordinary SharesPer Share Amount
(in millions of U.S. dollars, except share and per share data)
Book value per ordinary share$5,024 17,535,407 $286.51 $5,586 17,657,944 $316.34 
Non-GAAP adjustments:
Share-based compensation plans274,080 315,205 
Adjusted book value per ordinary share*$5,024 17,809,487 $282.10 $5,586 17,973,149 $310.80 
(1) Equity comprises Enstar ordinary shareholders' equity, which is calculated as Enstar shareholders' equity less preferred shares ($510 million) prior to any non-GAAP adjustments.
*Non-GAAP measure.
The table below presents a reconciliation of Annualized ROE to Annualized Adjusted ROE*:
March 31, 2022March 31, 2021
 Net (loss) earnings (1)
 Opening equity (1)
(Adj) ROE Annualized
(Adj) ROE
 Net (loss) earnings (1)
 Opening equity (1)
(Adj) ROEAnnualized (Adj) ROE
(in millions of U.S. dollars)
Net (loss) earnings/Opening equity/ROE/Annualized ROE (1)
$(282)$5,586 (5.0)%(20.2)%$183 $6,164 3.0 %11.9 %
Non-GAAP adjustments:
Net realized and unrealized losses on fixed maturity investments and funds held - directly managed / Net unrealized gains on fixed maturity investments and funds held - directly managed (2)
334 (89)206 (560)
Change in fair value of insurance contracts for which we have elected the fair value option / Fair value of insurance contracts for which we have elected the fair value option (3)
(98)(107)(75)(33)
Amortization of fair value adjustments / Fair value adjustments(106)(128)
Net gain on sales of subsidiaries— (15)
Tax effects of adjustments (4)
(26)(17)
Adjustments attributable to noncontrolling interest (5)
(5)11 
Adjusted operating (loss) income/Adjusted opening equity/Adjusted ROE/Annualized adjusted ROE*$(75)$5,284 (1.4)%(5.7)%$295 $5,443 5.4 %21.7 %
(1) Net (loss) earnings comprises net (loss) earnings attributable to Enstar ordinary shareholders, prior to any non-GAAP adjustments. Opening equity comprises Enstar ordinary shareholders' equity, which is calculated as opening Enstar shareholders' equity less preferred shares ($510 million), prior to any non-GAAP adjustments.
(2) Represents the net realized and unrealized losses related to fixed maturity securities. Our fixed maturity securities are held directly on our balance sheet and also within the "Funds held - directly managed" balance.
(3) Comprises the discount rate and risk margin components.
(4) 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.
(5) 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.
*Non-GAAP measure.

Enstar Group Limited | First Quarter 2022 | Form 10-Q                 19

Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures
The table below presents a reconciliation of PPD to Adjusted PPD* and Annualized RLE to Annualized Adjusted RLE*:
Three Months EndedAs ofThree Months Ended
March 31, 2022March 31, 2022December 31, 2021March 31, 2022March 31, 2022
PPDNet loss reservesNet loss reservesAverage net loss reservesAnnualized RLE %
(in millions of U.S. dollars)
PPD/net loss reserves/Annualized RLE$143 $10,962 $11,555 $11,259 5.1 %
Non-GAAP Adjustments:
Enhanzed Re(28)(150)(181)(166)
Legacy Underwriting(1)(142)(153)(147)
Net loss reserves - current period— (13)— (7)
Reduction in provisions for ULAE / Net ULAE provisions(22)(394)(416)(405)
Amortization of fair value adjustments / Net fair value adjustments associated with the acquisition of companies104 106 105 
Changes in fair value - fair value option / Net fair value adjustments for contracts for which we have elected the fair value option (1)
(98)201 107 154 
Change in estimate of net ultimate liabilities - defendant A&E / Net nominal defendant A&E liabilities586 574 580 
Adjusted PPD/Adjusted net loss reserves/Annualized Adjusted RLE*$(1)$11,154 $11,592 $11,373 0.0 %
Three Months EndedAs ofThree Months Ended
March 31, 2021March 31, 2021December 31, 2020March 31, 2021March 31, 2021
PPDNet loss reservesNet loss reservesAverage net loss reservesAnnualized RLE %
(in millions of U.S. dollars)
PPD/net loss reserves/Annualized RLE$110 $9,215 $8,544 $8,880 5.0 %
Non-GAAP Adjustments:
Legacy Underwriting(6)(153)(955)(555)
Net loss reserves - current period— (48)— (24)
Reduction in provisions for ULAE / Net ULAE provisions(14)(396)(334)(365)
Amortization of fair value adjustments / Net fair value adjustments associated with the acquisition of companies125 128 127 
Changes in fair value - fair value option / Net fair value adjustments for contracts for which we have elected the fair value option (1)
(75)109 33 71 
Change in estimate of net ultimate liabilities - defendant A&E / Net nominal defendant A&E liabilities599 615 607 
Adjusted PPD/Adjusted net loss reserves/Annualized Adjusted RLE*$26 $9,451 $8,031 $8,741 1.2 %
(1) Comprises the discount rate and risk margin components.
*Non-GAAP measure.
Enstar Group Limited | First Quarter 2022 | Form 10-Q                 20

Item 2 | Management's Discussion and Analysis | Non-GAAP Financial Measures
The table below presents a reconciliation of our Annualized TIR to our Annualized Adjusted TIR*:
Three Months Ended
March 31, 2022March 31, 2021
Fixed IncomeOther InvestmentsTotalFixed IncomeOther InvestmentsTotal
(in millions of U.S. dollars)
Net investment income$61 $19 $80 $48 $14 $62 
Net realized (losses) gains(35)(2)(37)(12)(11)
Net unrealized (losses) gains(299)(82)(381)(194)184 (10)
Earnings from equity method investments— 31 31 — 118 118 
TIR ($)$(273)$(34)$(307)$(158)$317 $159 
Non-GAAP adjustment:
Net realized and unrealized losses on fixed maturity investments and funds held-directly managed334 — 334 206 — 206 
Adjusted TIR ($)*$61 $(34)$27 $48 $317 $365 
Total investments$11,416 $5,826 $17,242 $9,996 $6,557 $16,553 
Cash and cash equivalents, including restricted cash and cash equivalents1,135 — 1,135 996 — 996 
Funds held by reinsured companies2,241 — 2,241 663 — 663 
Total investable assets$14,792 $5,826 $20,618 $11,655 $6,557 $18,212 
Average aggregate invested assets, at fair value (1)
14,917 5,326 20,243 11,619 6,244 17,863 
Annualized TIR % (2)
(7.3)%(2.5)%(6.1)%(5.4)%20.3 %3.6 %
Non-GAAP adjustment:
Net unrealized losses (gains) on fixed maturities, AFS investments included within AOCI and net unrealized losses (gains) on fixed maturities, trading instruments521