Enstar posts Q1 2018 loss
Enstar made a net loss of $16 million in the third quarter of 2018, down from the net profit of $39 million it reported for the same period of 2017.
The quarterly loss contributed to a loss of $48.9 million for the first nine months of 2018, again down severely from the profit of $183.9 million it made in the first nine months of 2017.
If its figures are taken on a non-GAAP basis, its operating loss was $2.5 million for the three months ended September 30, 2018, compared to non-GAAP operating income of $34.8 million in the same period a year earlier. For the nine months, its non-GAAP operating income was $120 million versus $147.2 million the year before.
Enstar's ordinary shareholders' equity at September 30, 2018 amounted was $3.5 billion compared to $3.1 billion the year before.
Enstar is a multi-faceted insurance group, with over $15.1 billion in assets, that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the US, the UK, Continental Europe, Australia, and other international locations.
Enstar, Q3, loss, 2018