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Enstar Group Limited (ESGR+0.26%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details Enstar's financial performance, including a net income attributable to common shareholders of $148 million for the three months ended September 30, 2024, compared to $38 million in the same period the previous year.
Enstar reported total revenues of $423 million for the quarter, up from $161 million in the prior year, driven by significant gains in investment income and fair value changes in trading securities.
Net investment income increased to $163 million from $143 million, while fair value changes in trading securities and other investments contributed $229 million, compared to $18 million in the prior year.
The company recorded a goodwill impairment of $63 million during the quarter, reflecting a decrease in the fair value of its assets.
Net incurred losses and loss adjustment expenses were a net gain of $3 million, attributed to favorable prior period development offset by current period losses.
Enstar's comprehensive income attributable to common shareholders was $293 million, compared to a loss of $35 million in the prior year, primarily due to unrealized gains on available-for-sale securities.
The company's book value per share increased to $378.22 as of September 30, 2024, up from $343.45 at the end of 2023.
Enstar's liquidity and capital resources remain strong, with cash and cash equivalents totaling $572 million as of September 30, 2024.
The filing also includes details on Enstar's merger agreement with Elk Bidco Limited, expected to close in mid-2025, which will result in Enstar becoming a privately-held company.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enstar Group Limited quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.