Enstar Group LTD
CIK:0001363829|SEC Filings
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
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| OPERATING ACTIVITIES: | |||||||
| Net income | $ 59 | $ 128 | |||||
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||||||
| Realized losses on investments | 2 | 6 | |||||
| Fair value changes in trading securities, funds held and other investments | [1] | (43) | (85) | ||||
| Amortization of net deferred charge assets | 30 | 30 | |||||
| Depreciation, accretion and other amortization | (2) | (5) | |||||
| (Income) loss from equity method investments | [1] | (4) | 5 | ||||
| Other adjustments | 0 | (3) | |||||
| Changes in: | |||||||
| Reinsurance balances recoverable on paid and unpaid losses | (4) | 57 | |||||
| Losses and loss adjustment expenses | (325) | (803) | |||||
| Defendant asbestos and environmental liabilities | (16) | (11) | |||||
| Insurance and reinsurance balances payable | 0 | 64 | |||||
| Other operating assets and liabilities | 50 | 16 | |||||
| Funds held | 320 | 367 | |||||
| Sales and maturities of trading securities | 89 | 177 | |||||
| Purchases of trading securities | (13) | (111) | |||||
| Net cash flows provided by (used in) operating activities | 143 | (168) | |||||
| INVESTING ACTIVITIES: | |||||||
| Sales and maturities of available-for-sale securities | 618 | 529 | |||||
| Purchase of available-for-sale securities | (975) | (345) | |||||
| Purchase of other investments | (166) | (244) | |||||
| Proceeds from other investments | 202 | 161 | |||||
| Other | 0 | 1 | |||||
| Net cash flows (used in) provided by investing activities | (321) | 102 | |||||
| FINANCING ACTIVITIES: | |||||||
| Dividends on preferred shares | (9) | (9) | |||||
| Issuance of debt, net of issuance costs | [2] | 345 | 0 | ||||
| Repayment of debt | [2] | (233) | 0 | ||||
| Other | 0 | 1 | |||||
| Net cash flows provided by (used in) financing activities | 103 | (8) | |||||
| EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 2 | 4 | |||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (73) | (70) | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,554 | 830 | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 1,481 | 760 | |||||
| Supplemental Cash Flow Information: | |||||||
| Income taxes (received) paid, net of refunds | 0 | (14) | |||||
| Interest paid | 32 | 32 | |||||
| Reconciliation to Consolidated Balance Sheets: | |||||||
| Cash and cash equivalents | 1,170 | [1] | 450 | ||||
| Restricted cash and cash equivalents | 311 | 310 | |||||
| Cash, cash equivalents and restricted cash | 1,481 | 760 | |||||
| Non-cash investing activities: | |||||||
| Unsettled purchases of available-for-sale securities and other investments | (37) | 5 | |||||
| Unsettled sales of available-for-sale securities and other investments | $ 9 | $ (10) | |||||
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INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions |
Mar. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| ASSETS | ||||
| Investments, available-for-sale, at fair value | $ 5,324 | $ 4,906 | ||
| Funds held | [1] | 4,672 | 4,979 | |
| Equity securities, at fair value (cost: 2025 — $725; 2024 — $680) | [1] | 759 | 803 | |
| Other investments, at fair value (includes consolidated variable interest entity: 2025 - $120; 2024 - $112) | [1] | 4,206 | 4,188 | |
| Equity method investments | [1] | 318 | 313 | |
| Total investments (Note 5 and Note 10) | 16,458 | 16,453 | ||
| Cash and cash equivalents (includes consolidated variable interest entity: 2025 — $1; 2024 — $5) | [1] | 1,170 | 1,098 | |
| Restricted cash and cash equivalents | 311 | 456 | ||
| Accrued interest receivable | 58 | 58 | ||
| Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2025 — $115; 2024 — $116) | 522 | 533 | ||
| Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 10) | 194 | 179 | ||
| Insurance balances recoverable (net of allowance: 2025 and 2024 — $4) (Note 9) | 169 | 172 | ||
| Net deferred charge assets (Note 7) | 719 | 745 | ||
| Other assets | [1] | 739 | 713 | |
| TOTAL ASSETS | 20,340 | 20,407 | ||
| LIABILITIES | ||||
| Losses and loss adjustment expenses (Note 8) | [1] | 10,085 | 10,407 | |
| Losses and loss adjustment expenses, at fair value (Note 8 and Note 10) | 996 | 997 | ||
| Defendant asbestos and environmental liabilities (Note 9) | 529 | 545 | ||
| Debt obligations (Note 12) | 1,948 | 1,833 | ||
| Other liabilities (includes consolidated variable interest entity: 2025 and 2024 — $ 2) | [1] | 569 | 528 | |
| TOTAL LIABILITIES | 14,127 | 14,310 | ||
| COMMITMENTS AND CONTINGENCIES (Note 18) | ||||
| SHAREHOLDERS’ EQUITY (Note 14) | ||||
| Joint Share Ownership Plan (voting ordinary shares, held in trust 2024 — 565,630) | 0 | (1) | ||
| Additional paid-in capital | 599 | 600 | ||
| Accumulated other comprehensive loss | (275) | (341) | ||
| Retained earnings | 5,780 | 5,730 | ||
| Total Enstar shareholders’ equity | 6,207 | 6,091 | ||
| Noncontrolling interests (Note 13) | 6 | 6 | ||
| TOTAL SHAREHOLDERS’ EQUITY | 6,213 | 6,097 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 20,340 | 20,407 | ||
| Voting ordinary shares (par value $1 each, issued and outstanding 2025: 14,909,718; 2024: 15,241,316) | ||||
| SHAREHOLDERS’ EQUITY (Note 14) | ||||
| Voting ordinary shares (par value $1 each, issued and outstanding 2025: 14,909,718; 2024: 15,241,316) | 15 | 15 | ||
| Series D Preferred Shares (issued and outstanding 2025 and 2024: 16,000; liquidation preference $400) | ||||
| SHAREHOLDERS’ EQUITY (Note 14) | ||||
| Preferred Shares | 400 | 400 | ||
| Series E Preferred Shares (issued and outstanding 2025 and 2024: 4,400; liquidation preference $110) | ||||
| SHAREHOLDERS’ EQUITY (Note 14) | ||||
| Preferred Shares | 110 | 110 | ||
| Series C Preferred shares (all issued shares held in treasury in 2025 and 2024: 388,571) | ||||
| SHAREHOLDERS’ EQUITY (Note 14) | ||||
| Series C Preferred shares (all issued shares held in treasury in 2025 and 2024: 388,571) | (422) | (422) | ||
| Fixed maturity investments | ||||
| ASSETS | ||||
| Investments, trading, at fair value | [1] | 1,179 | 1,263 | |
| Investments, available-for-sale, at fair value | [1] | 4,924 | 4,691 | |
| Short-term Investments | ||||
| ASSETS | ||||
| Investments, trading, at fair value | 0 | 1 | ||
| Investments, available-for-sale, at fair value | $ 400 | $ 215 | ||
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