A unit of global insurer Enstar Group Limited has completed the repurchase of the entire 27.7% interest in Enhanzed Reinsurance Ltd. previously held by an affiliate of Hillhouse Group.
With the completion of the purchase, Enstar’s equity interest in the Bermuda-based reinsurer has increased from 47.4% to 75.1%, with joint venture partner, Allianz SE, owning the remaining 24.9%. Enhanzed Re was launched in 2018 by a partnership formed by Enstar, Allianz and investor Hillhouse Capital.
The purchase price of $217.1 million is based on 90% of Enhanzed Re’s total shareholders’ equity as of June 30, 2021 and is subject to adjustment to reflect the finalization of the Enhanzed Re balance sheet as of that date.
Bermuda-based Enhanzed Re, which Enstar said it will consolidate in its future financial statements, has approximately $4.0 billion of assets. The reinsurer also holds life, non-life run-off, and property/casualty reinsurance reserves of approximately $3.0 billion, primarily sourced from Allianz and Enstar.
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