12 December 2018Insurance

Enstar, Allianz, Hillhouse invest $470m in Enhanzed Re

Bermuda-based Enstar Group, Germany’s Allianz and investment firm Hillhouse have made equity investment commitments in aggregate of $470 million as part of a joint venture to Enhanzed Reinsurance, a Bermuda-based Class 4 and Class E reinsurer.

As a result, Enstar will own 47.4 percent of the entity, with Allianz owning 24.9 percent, and an affiliate of Hillhouse Capital Management owning 27.7 percent.

An Allianz spokesperson explained to Intelligent Insurer that the investment will broaden the types of reinsurance and increase the range of reinsurance options available to the company, allowing it to provide better reinsurance to the Allianz group and ultimately to its policyholders.

Enhanzed Re will reinsure life, non-life run-off, and property and casualty insurance business, initially sourced from Allianz and Enstar. Enhanzed Re intends to write business from affiliates of its operating sponsors and will seek to underwrite business to maximize diversification by risk and geography.

Enstar will act as the re/insurance manager for Enhanzed Re. Hillhouse will act as primary investment manager and an affiliate of Allianz will also provide investment management services.

"Enhanzed Re brings Enstar together with our established partners Allianz and Hillhouse to provide a vehicle that will reinsure a diversified book of life and P&C reserves sourced through a strong pipeline of opportunities provided by Enhanzed Re’s operating sponsors,” said Dominic Silvester, Enstar's CEO.  “Enhanzed Re will benefit from world-class investment managers prudently managing capital while pursuing risk-adjusted returns. Through Enhanzed Re, Enstar gains exposure to attractive life and P&C business and in return can offer opportunities for Enhanzed Re to participate in our future significant legacy transactions. We look forward to working with our co-investors, Allianz and Hillhouse, in building this business,” Silvester added.

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