Enstar’s earnings triple; non-life run-off segment contributes to profit increase in Q3
Enstar Group, a Bermuda-based insurer, has reported a substantial rise in its net earnings in the third quarter of 2016, predominantly due to the addition of its non-life run-off segment.
Enstar’s consolidated net earnings were $156 million for the three-month period ending September 30, an increase of 218.4 percent from $49 million it made in the same period of last year.
The company’s non-life run-off segment’s net earnings were $142.5 million, an increase from $42.7 million year-on-year (YOY).
Enstar attributed the increase in net earnings to improved investment results and a higher reduction in estimates of net ultimate incurred losses, partially offset by higher general and administrative expenses and higher net earnings attributed to non-controlling interest.
The net earnings attributable to StarStone were $5.6 million, compared with a net loss of $2.2 million YOY.
Atrium’s net earnings for the third quarter were $2.8 million, down from $6.1 million YOY.
The group’s net premiums earned in the third quarter were $223.4 million, compared with $231.1 million YOY.
Net premiums earned for Enstar’s Atrium segment were $32.6 million, down from $33 million YOY.
The net premiums earned for the StarStone segment, including StarStone Insurance Bermuda and its subsidiaries, were $170.6 million, up from $162.5 million YOY.