Enstar is a publicly traded company on the NASDAQ stock market (ticker symbol: ESGR), established to acquire and manage insurance and reinsurance companies in run-off and to provide management, consulting and other services to the insurance and reinsurance industry.
The run-off origins of Enstar date back to 1993 when Castlewood Limited, a Bermuda company, was established by Dominic Silvester, Paul O’Shea and Nick Packer to take advantage of the largely ignored run-off ‘niche’ in the reinsurance industry.
In 2001 Castlewood Limited entered into a joint venture with The Enstar Group, Inc. and Trident II, L.P. (an investment fund then managed by Marsh & McLennan) to form Castlewood Holdings Limited.
In January 2007 Castlewood Holdings Limited merged with The Enstar Group, Inc. and took on the name Enstar Group Limited, thereby facilitating greater access to public markets and continued growth.
In March 2013, Enstar acquired several life insurance and annuities companies in run-off from a subsidiary of HSBC Holdings plc, which was its largest closed life acquisition (building upon its 2011 acquisition of a small Irish closed life company).
In June 2013, Enstar announced its expansion into active underwriting with the signing of definitive agreements to acquire Atrium Underwriting Group Ltd. and Arden Reinsurance Company Ltd., followed by its July 2013 definitive agreement to acquire Torus Insurance Holdings Limited. The Arden Reinsurance and Atrium Underwriting transactions closed in September 2013 and November 2013, respectively. The Torus transaction closed in April 2014.