ESGR - Mergers and acquisitions

HAMILTON, Bermuda, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ:ESGR) today announced that its wholly-owned subsidiary, Cavello Bay Reinsurance Limited ("Cavello Bay"), has acquired a Bermuda-domiciled Class 3B insurer and segregated accounts company (the "Reinsurer"). The Reinsurer underwrote property reinsurance business between 2020 and 2023 on behalf of third-party investors, assuming the risk through retrocession agreements with a fronting carrier. The Reinsurer had $66 million of shareholders' equity at the end of July 2024. The Reinsurer will be merged into Cavello Bay and a consolidated and amended retrocession agreement between the fronting carrier and Cavello

Ambac Financial Group, Inc. (NYSE:AMBC) ("Ambac"), a financial services holding company, today announced that its subsidiary, Everspan Insurance Company ("EIC"), has completed the acquisition of Providence Washington Insurance Company ("PWIC") from a subsidiary of Enstar Group Limited (NASDAQ:ESGR) ("Enstar"), effective October 1, 2021. The acquisition of PWIC will enhance the Everspan Group's (rated A- by AM Best) capabilities to launch new admitted programs, develop innovative products, and provide enhanced flexibility to foster strategic relationships with prospective program partners. Incorporated in 1799, PWIC is the second oldest insurance company in the United States and is domicil