Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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-off		Investments		Total
	(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 expenses	28		5		33
Professional fee expenses	6		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 Other					1
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 income					1
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-off		Investments		Total
	(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 expenses	27		6		33
Professional fee expenses	6		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 Other					1
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 expense					1
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 gains					9
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

(3) Includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC for Corporate and Other activities.