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Enstar launches class 4 reinsurer

Enstar Group Ltd. has launched KaylaRe Ltd., a Bermuda-based, class 4 reinsurer that offers specialty reinsurance on the global market.

KaylaRe launches with initial capital of $620 million, backed by a $300 million investment from Enstar, $270 million from funds managed by Hillhouse Capital Management Ltd., and $50 million from funds managed by Stone Point Capital LLC.

KaylaRe has entered into a 35% quota share agreement with Enstar unit StarStone and loss portfolio transfer agreements with Enstar for certain legacy business. Over time, KaylaRe expects to develop and write third-party premiums and to participate in certain future Enstar legacy transactions.

Enstar and Hillhouse will act as the exclusive reinsurance manager and primary investment manager to KaylaRe, respectively. KaylaRe will also engage other investment managers.

Enstar co-founder Nick Packer has been named KaylaRe's CEO. He has served as Enstar's executive vice president and joint COO since 2001 and StarStone's executive chairman and CEO since 2014. He will remain on the StarStone board as a nonexecutive director.

Enstar also announced several management changes with the launch of KaylaRe, effective immediately.

Paul O'Shea has been named president of Enstar and executive chairman of StarStone. O'Shea is a co-founder of Enstar and has served as executive vice president and joint COO and a member of the board since 2001. He has mainly been responsible for M&A at the company.

Orla Gregory has been named Enstar's COO. She has served as chief integration officer since 2015.

Paul Brockman and David Atkins will take on more responsibility for Enstar's core insurance and legacy activity, including oversight of claims, commutations and ceded reinsurance. Brockman, CEO of Enstar US, joined the company in 2012 and previously worked as U.S. president and COO and head of commutations. Atkins, CEO of Enstar EU and global head of claims, has been with the company since 2003.

Demian Smith has been named group CEO of StarStone. He most recently worked as CEO of StarStone's international segment and chairman of its underwriting committee. David Message has been named StarStone's chief underwriting officer.