Enstar's Q2 2020 profit trebles on investment gains

Bermuda-based re/insurance group Enstar's profit more than trebled in the second quarter of the year on strong investment performance.

The company reported net profits of $798.6 million for the second quarter of 2020, significantly up from the net profit of $231.8 million in the prior year quarter.

For the first half of the year, the re/insurer generated a profit of $281.7 million, compared with $590.6 million in H1 2019.

Enstar said its results had been driven by strong performance in the investment portfolio. It saw net realised and unrealised gains of $967.6 million for the three months ended June 30, including $550.2 million relating to other investments and equities and $417.4 million relating to fixed income securities.

For the first half of the year, it reported net realised and unrealised gains of $338.5 million, including $198.7 million relating to other investments and equities and $139.8 million relating to fixed income securities.