v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
4. SEGMENT INFORMATION
Our segment structure is aligned with how our CODM, our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. Our business is organized into two reportable segments: (i) Run-off and (ii) Investments. In addition, our Corporate and Other activities, which do not qualify as an operating segment, include income and expense items that are not directly attributable to our reportable segments.
Our assets are reviewed on a consolidated basis by management for decision making purposes since they support business operations across both of our reportable segments as well as our Corporate and Other activities. We do not allocate assets to our reportable segments with the exception of (re)insurance balances recoverable on paid and unpaid losses and goodwill (all goodwill is attributable to the Run-off segment) that are directly attributable to our reportable segments.
The following table sets forth select unaudited condensed consolidated statements of operations results by segment for the periods ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025
Run-offInvestmentsTotal
(in millions of U.S. dollars)
REVENUES$14 $189 $203 
Income from equity method investments— 4 4 
EXPENSES
Net incurred losses and LAE(26)— (26)
Defendant asbestos and environmental expenses(1)— (1)
Salaries and benefit expenses28 5 33 
Professional fee expenses6 1 7 
Other segment expenses (1)
8 4 12 
Segment net (loss) income$(1)$183 $182 
Reconciliation of segment to consolidated revenues
Segment revenues$203 
Corporate and Other1 
Total revenues$204 
Reconciliation of segment net income (loss) to Net income attributable to Enstar ordinary shareholders
Segment net income$182 
Corporate and Other:
Other income1 
Net incurred losses and LAE(2)
(10)
Defendant asbestos and environmental expenses (3)
(5)
Amortization of net deferred charge assets(30)
Corporate and Other general and administrative expenses(40)
Interest expense(23)
Net foreign exchange losses(16)
Less: Dividends on preferred shares(9)
Total - Corporate and Other net loss(132)
Net income attributable to Enstar ordinary shareholders$50 
(1) Other segment expenses for each reportable segment includes:
•Run-off – acquisition costs, IT-related expenses, banking fees, and other general and administrative expenses
•Investments – banking fees and other general and administrative expenses
(2) Net incurred losses and LAE for Corporate and Other activities includes the fair value adjustments associated with the acquisition of companies and the changes in the discount rate and risk margin components of the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option.
(3) Includes the amortization of fair value adjustments associated with the acquisition of DCo, LLC (“DCo”) and Morse TEC LLC (“Morse TEC”) for Corporate and Other activities.
Three Months Ended
March 31, 2024
Run-offInvestmentsTotal
(in millions of U.S. dollars)
REVENUES$13 $239 $252 
Losses from equity method investments— (5)(5)
EXPENSES
Net incurred losses and LAE(18)— (18)
Defendant asbestos and environmental expenses(1)— (1)
Salaries and benefit expenses27 6 33 
Professional fee expenses6 1 7 
Other segment expenses (1)
10 3 13 
Segment net (loss) income$(11)$224 $213 
Reconciliation of segment to consolidated revenues
Segment revenues$252 
Corporate and Other1 
Total revenues$253 
Reconciliation of segment net income (loss) to Net income attributable to Enstar ordinary shareholders
Segment net income$213 
Corporate and Other:
Other expense1 
Net incurred losses and LAE(2)
1 
Defendant asbestos and environmental expenses (3)
(4)
Amortization of net deferred charge assets(30)
Corporate and Other general and administrative expenses(35)
Interest expense(22)
Net foreign exchange gains9 
Income tax expense(5)
Less: Dividends on preferred shares(9)
Total - Corporate and Other net loss(94)
Net income attributable to Enstar ordinary shareholders$119 
(1) Other segment expenses for each reportable segment includes:
•Run-off – acquisition costs, IT-related expenses, banking fees, and other general and administrative expenses
•Investments – banking fees and other general and administrative expenses
(2) Net incurred losses and LAE for Corporate and Other activities includes the fair value adjustments associated with the acquisition of companies and the changes in the discount rate and risk margin components of the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option.
(3) Includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC for Corporate and Other activities.