Enstar announces Q3 2018 loss
Enstar Group has reported consolidated net losses of $41.2 million for the first three months of 2018, a fall from the $54.7 million profit it made in the same period of 2017.
The group said that the results for the three months ended March 31, 2018 included net unrealised losses of $100.3 million on fixed maturities investments, which are accounted for on a trading basis.
Enstar said that many insurance companies predominantly use available-for-sale accounting where unrealised amounts are recorded directly to shareholders’ equity and therefore do not impact earnings. Unrealised amounts would only become realised in the event of a sale of the specific securities prior to maturity or a credit default.
The company’s shareholders' equity at March 31, 2018 came to to $3.1 billion, a slight decrease from $3.13 billion as at December 31, 2017. Enstar has published its Form 10-Q on its website, www.enstargroup.com, which contains a more detailed description of Enstar's business and financial results.
Enstar is a multi-faceted insurance group, with over $15.6 billion in assets, that offers capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar combines legacy acquisitions, having acquired over 80 companies and portfolios since its formation in 2001, with active underwriting businesses that include the StarStone group of companies.
Enstar, results, Q1, 2018, loss