Non-life run-off segment drives Enstar’s profits in Q3
Enstar Group, an insurance group based in Bermuda, tripled its earnings in the third quarter of 2016, largely due to the contribution of its non-life run-off segment.
Enstar Group’s consolidated net earnings were $156 million for the three-month period ending September 30, an increase of $107 million from the $49 million it made in the same period last year.
The company’s non-life run-off segment's net earnings were $142.5 million, up 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 to $231.1 million year-on-year.
Net premiums earned for Enstar's Atrium segment were $32.6 million, down from $33.0 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.
