HAMILTON, Bermuda, March 07, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that the credit rating agency AM Best has assigned a Financial Strength Rating of "A" (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a+" (Excellent) to Cavello Bay Reinsurance Limited (Cavello Bay), a subsidiary of Enstar Group Limited (Enstar) and its primary non-life run-off consolidator and a Class 3B reinsurer. The outlook assigned to these Credit Ratings is stable.
On issuing its rating, AM Best highlighted Enstar's "long track record of effectively managing claims in complicated lines of business", noting that the ratings reflect Enstar's balance sheet strength, as well as its strong operating performance, which it believes should remain at the current level throughout the remainder of 2025.
Matt Kirk, Enstar's Group Chief Financial Officer, said, "The AM Best Financial Strength Rating reflects Enstar's established standing in the global legacy market and is further confirmation of our strong capital position and the resilience of our business model. The "A" rating for Cavello Bay, our primary Bermuda reinsurer, affirms our commitment to insurance ratings and will enhance our ability to structure insurance transactions that support the strategic objectives of our partners."
About Enstar
Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. 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.
Cautionary Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as 'aim', 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any discussion of future events or performance. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Specifically, Enstar's ability to structure and execute insurance transactions profitably is dependent on many factors. Important risk factors regarding Enstar can be found under the heading "Risk Factors" in our Form 10-K for the year ended December 31, 2024 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.
Contact:
For Enstar:
For Investors: Matthew Kirk)
For Media: Jenna Kerr)
