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AXIS Completes Previously Announced Transaction With Enstar

1. Enstar completed a $2.3 billion LPT transaction with AXIS Capital. 2. The agreement involves reinsurance reserves from 2021 and prior years. 3. Enstar utilized its subsidiary Cavello Bay for the transaction. 4. The deal adds significant reserves to Enstar's portfolio. 5. AXIS Capital maintains strong financial ratings and equity.

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Why Bullish?

The successful execution of a large LPT boosts Enstar’s reserve strength, enhancing market presence. Historical precedents show similar transactions positively impacted stock valuations in reinsurance sector.

How important is it?

This LPT transaction is significant for Enstar, reflecting operational success and financial robustness, which is appealing to investors. Such developments typically correlate with positive market sentiment and investor interest.

Why Long Term?

The additional reserves strengthen Enstar’s long-term stability and growth potential, likely positioning it favorably in future opportunities. Previous acquisitions and portfolio increases have played a major role in driving sustained valuation growth.

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AXSBRK.BPRUAFL
April 24, 2025 16:05 ET  | Source: Enstar Group Limited PEMBROKE, Bermuda, April 24, 2025 (GLOBE NEWSWIRE) -- AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS” or the “Company”) (NYSE: AXS) and Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today that they have completed a loss portfolio transfer (“LPT”) transaction, covering reinsurance segment reserves predominantly attributable to casualty portfolios related to 2021 and prior underwriting years. The LPT reinsurance agreement covers reinsurance segment reserves totalling $3.1 billion at September 30, 2024, and is structured as a 75% ground-up quota share, with AXIS retroceding $2.3 billion of reinsurance segment reserves to Enstar. The LPT reinsurance agreement was provided by Enstar’s wholly owned subsidiary, Cavello Bay Reinsurance Limited, which has S&P and AM Best 'A' financial strength ratings. Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions. About AXIS CapitalAXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.1 billion at September 30, 2024, and locations in Bermuda, the United States, Europe, Singapore, and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com. About Enstar Enstar is a NASDAQ-listed global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Australia, Lichtenstein and Belgium. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com. AXIS Contacts:Enstar Contacts:  For Investors:For Investors:Cliff GallantMatthew Kirk+1 (415) 262-6843+1 (201) 743-7734investorrelations@axiscapital.com investor.relations@enstargroup.com   For Media: For Media: Nichola Liboro Jenna Kerr+1 (917) 705-4579+44 (0) 771-4487-187nichola.liboro@axiscapital.comcommunications@enstargroup.com  

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