trending Market Intelligence /marketintelligence/en/news-insights/trending/hk_3vxhl651zbezmuhvw9a2 content esgSubNav
In This List

Enstar to buy full ownership of Bermuda reinsurer's parent

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Enstar to buy full ownership of Bermuda reinsurer's parent

Enstar Group Ltd., which currently holds a 48% stake in KaylaRe Holdings Ltd., has agreed to acquire the remaining 52% stake in the parent company of Bermuda-based reinsurer KaylaRe Ltd.

Enstar founded KaylaRe in 2016 alongside funds managed by Hillhouse Capital Management Ltd. and the Trident V funds managed by Stone Point Capital LLC.

The transaction is valued at approximately $400 million. Hillhouse and Stone Point will exchange their respective 44% and 8% shareholdings in KaylaRe for Enstar shares. As a result, Hillhouse will increase its overall economic interest in Enstar to 17.1% from 9.9% and its voting interest to 9.7% from 3.3%. Stone Point will increase its economic interest to 7.6% from 6.9% and its voting interest to 9.1% from 8.2%.

The transaction is subject to regulatory approval and is expected to close during the first quarter.

Evercore Group LLC acted as financial adviser to Enstar.