Enstar Group LTD [ESGR] Filings

10-Q 1 esgr-20220331.htm 10-Q esgr-20220331

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

ENSTAR GROUP LIMITED

(Exact name of Registrant as specified in its charter)


BERMUDA			N/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: (441) 292-3645

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Ordinary shares, par value $1.00 per share	ESGR	The NASDAQ Stock Market	LLC
Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%	ESGRP	The NASDAQ Stock Market	LLC
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%	ESGRO	The NASDAQ Stock Market	LLC
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 company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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.

Table of Contents

Enstar Group Limited

Quarterly Report on Form 10-Q

For the Period Ended March 31, 2022

Table of Contents


		Page
	Glossary of Key Terms	3

PART I

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	6
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	42
Item 1.	Financial Statements	43
Item 4.	Controls and Procedures	81

PART II

Item 1.	Legal Proceedings	82
Item 1A.	Risk Factors	82
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 3.	Defaults Upon Senior Securities	82
Item 4.	Mine Safety Disclosures	82
Item 5.	Other Information	82
Item 6.	Exhibits	83

Table of Contents

GLOSSARY OF KEY TERMS

GLOSSARY OF KEY TERMS



A&E						Asbestos and environmental

Acquisition costs						Costs 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.

ADC						Adverse 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.
AFS						Available-for-sale



AmTrust						AmTrust 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



Arden						Arden Reinsurance Company Ltd.





Atrium						Atrium Underwriting Group Limited
BMA						Bermuda Monetary Authority


BSCR						Bermuda Solvency Capital Requirement
BVPS						Book value per ordinary share - GAAP financial measure calculated by dividing Enstar ordinary shareholders’ equity by the number of ordinary shares outstanding.




Citco						Citco III Limited
CLO						Collateralized loan obligation





Core Specialty						Core Specialty Insurance Holdings, Inc.

DCo						DCo 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 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 Funds						Dowling Capital Partners I, L.P. and Capital City Partners LLC

EB Trust						Enstar Group Limited Employee Benefit Trust










Enhanzed Re						Enhanzed Reinsurance Ltd.
Enstar						Enstar Group Limited and its consolidated subsidiaries
Enstar Finance						Enstar Finance LLC
ESG						Environmental, social and governance

Table of Contents

GLOSSARY OF KEY TERMS


Exchange Transaction						The exchange of a portion of our indirect interest in Northshore for all of the Trident V Funds’ indirect interest in StarStone U.S.
FAL						Funds 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 held						The 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 Fund						InRe Fund, L.P.

Investable assets						The sum of total investments, cash and cash equivalents, restricted cash and cash equivalents and funds held
JSOP						Joint Share Ownership Program
LAE						Loss adjustment expenses





Lloyd's						This 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

LPT						Loss Portfolio Transfer - Retroactive reinsurance transaction in which loss obligations that are already incurred are ceded to a reinsurer, subject to any stipulated limits

Monument Re						Monument Insurance Group Limited

Morse TEC						Morse TEC LLC



NAV						Net asset value
NCI						Noncontrolling interest


New business						Material transactions, other than business acquisitions, which generally take the form of reinsurance or direct business transfers.





Northshore						Northshore Holdings Limited
OLR						Outstanding 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-back						Similar to a commutation, for direct insurance contracts
pp						Percentage point(s)
PPD						Prior period development - Changes to loss estimates recognized in the current calendar year that relate to loss reserves established in previous calendar years.

Private equity funds						Investments 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 LAE						Management's best estimate of the ultimate cost of settling losses as of the balance sheet date. This includes OLR and IBNR.

Retroactive reinsurance						Contracts that provide indemnification for losses and LAE with respect to past loss events.

Table of Contents

GLOSSARY OF KEY TERMS


RLE						Run-off liability earnings – GAAP-based financial measure calculated by dividing prior period development by average net loss reserves.
RNCI						Redeemable noncontrolling interest
ROE						Return on equity - GAAP-based financial measure calculated by dividing net earnings (loss) attributable to Enstar ordinary shareholders by opening Enstar ordinary shareholders’ equity
Run-off						A line of business that has been classified as discontinued by the insurer that initially underwrote the given risk
Run-off portfolio						A group of insurance policies classified as run-off.

SASB						Sustainability Accounting Standards Board
SEC						U.S. Securities and Exchange Commission
SGL No. 1						SGL No. 1 Limited

SSHL						StarStone Specialty Holdings Limited

StarStone International						StarStone'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 Point						Stone Point Capital LLC
SUL						StarStone Underwriting Limited
TCFD						Task Force on Climate-Related Financial Disclosures
TIR						Total 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 Funds						Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P.



U.S. GAAP						Accounting principles generally accepted in the United States of America
ULAE						Unallocated 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.
VIE						Variable 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.

Table of Contents

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


Section						Page
Operational Highlights						7
Consolidated Results of Operations — for the Three Months Ended March 31, 2022 and 2021						8
•Overall Measures of Performance						9
•Underwriting Results						10
•Investment Results						13
•General and Administrative Expenses						16
Non-GAAP Financial Measures						17
Other Financial Measures						24
Results of Operations by Segment — for the Three Months Ended March 31, 2022 and 2021						25

•Run-off Segment						26
•Enhanzed Re Segment						27
•Investments Segment						28
•Legacy Underwriting Segment						31
Corporate and Other						32
Current Outlook						33



Liquidity and Capital Resources						35










Cautionary Statement Regarding Forward-looking Statements						40

Enstar Group Limited | First Quarter 2022 | Form 10-Q 6

Table of Contents

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

Table of Contents

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
		2022						2021
		(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 period		143			110				33		30	%
Total net incurred losses and LAE		130			56				74		132	%
Policyholder benefit expenses		(12)			—				(12)		NM
Acquisition costs		(8)			(34)				26		(76)	%

Investment Results
Net investment income		80			62				18		29	%
Net realized losses		(37)			(11)				(26)		236	%
Net unrealized losses		(381)			(10)				(371)		NM
Earnings from equity method investments		31			118				(87)		(74)	%

General and administrative expenses		(85)			(83)				(2)		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, 2022			December 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

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

Overall Measures of Performance

All percentages in the below charts are annualized.

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

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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,
	2022										2021
	Run-off		Enhanzed Re		Legacy Underwriting		Corporate and other		Total		Run-off		Legacy Underwriting		Corporate and other		Total
	(in millions of U.S. dollars)
Net premiums earned	$	17	$	14	$	3	$	—	$	34	$	73	$	20	$	—	$	93
Net incurred losses and LAE:
Current period	11		—		2		—		13		44		10		—		54
Prior periods	(50)		(29)		(1)		(63)		(143)		(39)		(6)		(65)		(110)
Total net incurred losses and LAE	(39)		(29)		1		(63)		(130)		5		4		(65)		(56)
Policyholder benefit expenses	—		12		—		—		12		—		—		—		—
Acquisition costs	8		—		—		—		8		29		5		—		34
Underwriting results	$	48	$	31	$	2	$	63	$	144	$	39	$	11	$	65	$	115

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

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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.


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.

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

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


	Three Months Ended March 31, 2022
	RLE						Adjusted RLE*
Acquisition Year	PPD		Average net loss reserves		Annualized RLE %		Adjusted PPD*		Average adjusted net loss reserves*		Annualized Adj RLE %*
	(in millions of U.S. dollars)
2012 and prior	$	1	$	581			$	4	$	613
2013	1		192				—		41
2014	5		826				—		58
2015	—		297				—		282
2016	—		757				8		801
2017	78		855				—		912
2018	25		1,004				3		1,024
2019	(7)		1,094				(14)		1,572
2020	(2)		1,574				(5)		1,532
2021	42		4,079				3		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
	RLE						Adjusted RLE*
Acquisition Year	PPD		Average net loss reserves		Annualized RLE %		Adjusted PPD*		Average adjusted net loss reserves*		Annualized Adj RLE %*
	(in millions of U.S. dollars)
2012 and prior	$	—	$	508			$	—	$	545
2013	6		142				—		59
2014	10		1,015				10		86
2015	—		359				(1)		342
2016	(3)		849				—		890
2017	66		1,056				—		1,043
2018	19		1,324				10		1,304
2019	1		1,210				3		1,714
2020	11		1,960				7		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

Table of Contents

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,
	2022									2021
	Fixed Income			Other Investments			Total			Fixed Income			Other Investments			Total
	(in millions of U.S. dollars)
Net investment income	$	61		$	19		$	80		$	48		$	14		$	62
Net realized (losses) gains	(35)			(2)			(37)			(12)			1			(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

Table of Contents

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

Net Investment Income


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


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


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

Table of Contents

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.

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


•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

Table of Contents

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, 2022				December 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	4.83	A+	$	12,680	4.54	A+
Enhanzed Re	1,356		13.88	A	1,454		14.62	A-
Total - Investments	12,139		5.97	A+	14,134		5.69	A+
Legacy Underwriting	191		2.29	AA-	212		2.37	AA-
Total	$	12,330	5.92	A+	$	14,346	5.64	A+

(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

Three 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

Table of Contents

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 Measure

Definition

Purpose 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 equity

Adjusted 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

Table of Contents

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

Table of Contents

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, 2022					December 31, 2021
	Equity (1)		Ordinary Shares	Per Share Amount		Equity (1)		Ordinary Shares	Per 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 plans			274,080					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, 2022								March 31, 2021
	Net (loss) earnings (1)		Opening equity (1)		(Adj) ROE		Annualized (Adj) ROE		Net (loss) earnings (1)		Opening equity (1)		(Adj) ROE		Annualized (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	2		(106)						2		(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

Table of Contents

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 Ended		As of						Three Months Ended
	March 31, 2022		March 31, 2022		December 31, 2021		March 31, 2022		March 31, 2022
	PPD		Net loss reserves		Net loss reserves		Average net loss reserves		Annualized 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 companies	2		104		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 liabilities	3		586		574		580
Adjusted PPD/Adjusted net loss reserves/Annualized Adjusted RLE*	$	(1)	$	11,154	$	11,592	$	11,373	0.0	%


	Three Months Ended		As of						Three Months Ended
	March 31, 2021		March 31, 2021		December 31, 2020		March 31, 2021		March 31, 2021
	PPD		Net loss reserves		Net loss reserves		Average net loss reserves		Annualized 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 companies	2		125		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 liabilities	9		599		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

Table of Contents

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, 2022									March 31, 2021
	Fixed Income			Other Investments			Total			Fixed Income			Other Investments			Total
	(in millions of U.S. dollars)
Net investment income	$	61		$	19		$	80		$	48		$	14		$	62
Net realized (losses) gains	(35)			(2)			(37)			(12)			1			(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 managed	334			—			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 equivalents	1,135			—			1,135			996			—			996

Funds held by reinsured companies	2,241			—			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 instruments	521

Enstar Group LTD [ESGR] Filings
Enstar Group LTD [ESGRO] Filings
Enstar Group LTD [ESGRP] Filings
10-Q	[2022-05-05]
10-K	[2022-02-24]
10-Q	[2021-11-04]
10-Q	[2021-08-05]
10-Q	[2021-05-07]
10-K	[2021-03-01]
10-Q	[2020-11-06]
10-Q	[2020-08-10]
10-Q	[2020-05-07]
10-K	[2020-02-27]
10-Q	[2019-11-07]
10-Q	[2019-08-06]
10-Q	[2019-05-08]
10-K	[2019-03-01]
10-Q	[2018-11-08]
10-Q	[2018-08-02]
10-Q	[2018-05-08]
10-K	[2018-02-28]
10-Q	[2017-11-08]
10-Q	[2017-08-03]
10-Q	[2017-05-08]
10-K	[2017-02-27]
10-Q	[2016-11-08]
10-Q	[2016-08-05]
10-Q	[2016-05-06]
10-K	[2016-02-29]
10-Q	[2015-11-09]
10-Q	[2015-08-07]
10-Q	[2015-05-11]
10-K	[2015-03-02]
10-Q	[2014-11-10]
10-Q	[2014-08-11]
10-Q	[2014-05-09]
10-K	[2014-03-03]
10-Q	[2013-11-07]
10-Q	[2013-08-09]
10-Q	[2013-05-10]
10-K	[2013-03-01]
10-Q	[2012-11-08]
10-Q	[2012-08-02]
10-Q	[2012-05-04]
10-K	[2012-02-24]

Enstar Group LTD [ESGR] Filings

Enstar Group LTD [ESGRO] Filings

Enstar Group LTD [ESGRP] Filings