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2016-12-15

Enstar Launches Reinsurer KaylaRe

nstar Launches Reinsurer KaylaRe

-- KaylaRe Brings Together Leading Insurance Management and Investment
Management Capabilities
-- Significant Investments From Enstar, Hillhouse and Stone Point
-- Nick Packer Appointed as KaylaRe’s Chief Executive Officer
-- Enstar and StarStone Announce Management Changes

HAMILTON, Bermuda, Dec. 15, 2016 (GLOBE NEWSWIRE) -- Enstar Group Limited
(NASDAQ:ESGR) (“Enstar”) announced today the launch of KaylaRe Ltd.
(“KaylaRe”), a Bermuda-based, Class 4 reinsurer offering a diversified range of
specialty reinsurance to the global insurance market.

KaylaRe launches with initial capital of $620 million, backed by a $300 million
investment from Enstar; $270 million from funds managed by Hillhouse Capital
Management, Ltd., a leading global investment manager with over $25 billion in
assets under management (“Hillhouse”); and $50 million from funds managed by
Stone Point Capital LLC, a financial services-focused private equity firm with
aggregate committed capital of approximately $13 billion (“Stone Point”).

KaylaRe aims to deliver superior risk-adjusted returns over market cycles
through a diversified asset allocation and selective underwriting. KaylaRe has
entered into a 35% quota share agreement with StarStone, Enstar’s global
underwriting subsidiary, and loss portfolio transfer agreements with Enstar for
certain legacy business. Over time, KaylaRe expects to develop and
opportunistically write third-party premium, and to participate in certain
future Enstar legacy transactions.

Enstar and Hillhouse will act as the exclusive reinsurance manager and the
primary investment manager to KaylaRe, respectively. KaylaRe will also engage
other investment managers.

In connection with the launch of KaylaRe, Nick Packer, a co-founder of Enstar,
has been appointed Chief Executive Officer of KaylaRe. Packer brings nearly 30
years of industry experience to KaylaRe. He has served as Enstar’s Executive
Vice President and Joint Chief Operating Officer since 2001 and StarStone’s
Executive Chairman and Chief Executive Officer since 2014. Packer will remain
on the StarStone board as a non-executive director.

Dominic Silvester, Enstar’s Chief Executive Officer, said, “KaylaRe brings
Enstar together with partners Hillhouse and Stone Point to create a unique
global reinsurer. KaylaRe has great performance potential, and a dynamic and
proven leader in Nick Packer, who has been a core contributor to Enstar’s
growth and success. He has shown tremendous commitment to our investment in
KaylaRe, and, while he will be greatly missed at Enstar, I look forward to
working closely with him in his new role.”

Nick Packer said, “KaylaRe is a differentiated total return reinsurer, and it
is an honour to lead this company from its inception. Through Enstar, we have
long-term access to a high-quality, diversified portfolio of low volatility
specialty insurance risks and supporting infrastructure. Further, the
additional investment and support of Hillhouse and Stone Point provide KaylaRe
with the capability to create substantial incremental value for shareholders
through market cycles.”

With the launch of KaylaRe, Enstar is also today announcing several management
changes, effectively immediately:

Paul O’Shea has been named as President of Enstar and Executive Chairman of
StarStone. O’Shea, a co-founder of Enstar, has served as Executive Vice
President and Joint-Chief Operating Officer and a member of Enstar’s Board of
Directors since 2001, and he has been primarily responsible for mergers and
acquisitions at the company.

Orla Gregory has been appointed Chief Operating Officer of Enstar. Gregory has
served as Chief Integration Officer since 2015. Previously, she served as
Executive Vice President, Mergers and Acquisitions, and has held various other
senior roles in her 13-year career with Enstar.

Paul Brockman and David Atkins will take on broader responsibility for Enstar’s
core insurance and legacy activity, including oversight of claims,
commutations, and ceded reinsurance. Brockman, Chief Executive Officer of
Enstar US, joined Enstar in 2012 and previously served as US President and
Chief Operating Officer and Head of Commutations. Atkins, Chief Executive
Officer of Enstar EU and Global Head of Claims, has been with Enstar since
2003.

Demian Smith has been named Group Chief Executive Officer of StarStone. Smith
most recently served as CEO of StarStone’s International segment and Chairman
of its underwriting committee. Additionally, David Message has been named Chief
Underwriting Officer of StarStone.

Mr. Silvester said, “I am pleased to announce these appointments today, which
signal the robust capabilities, diverse industry experience and collective
strength of Enstar’s leadership team. I look forward to working with this
talented group as we lead Enstar toward further growth and success.”

About Enstar

Enstar is a multi-faceted insurance group that offers innovative capital
release solutions and specialty underwriting capabilities through its network
of group companies in Bermuda, the United States, the United Kingdom,
Continental Europe, Australia, and other international locations. Enstar is a
market leader in completing legacy acquisitions, having acquired 75 companies
and portfolios since its formation in 2001. Enstar’s active underwriting
businesses include the StarStone group of companies, an A- rated global
specialty insurance group with multiple global underwriting platforms, and the
Atrium group of companies, which manage and underwrite specialist insurance and
reinsurance business for Lloyd’s Syndicate 609. For further information about
Enstar, see www.enstargroup.com.

About KaylaRe

KaylaRe Ltd. is a Bermuda-based reinsurer offering a diversified range of
specialty reinsurance solutions to the global insurance market. Launched in
December 2016 with $620 million of capital, KaylaRe is a registered Class 4
Insurer with the Bermuda Monetary Authority, and a wholly-owned subsidiary of
KaylaRe Holdings Ltd. KaylaRe sources reinsurance business primarily from
Enstar and its subsidiaries. Through Enstar, KaylaRe has long-term access to a
high-quality, diversified portfolio of low volatility specialty insurance risks
and supporting infrastructure. KaylaRe’s invested assets are managed by a
select group of established global investment managers including Hillhouse
Capital Management, Ltd.

About Hillhouse

Hillhouse Capital Management, Ltd. is a leading investment management firm.
Founded by Lei Zhang in 2005, Hillhouse invests with a long-term time horizon
and employs a fundamental, bottom-up approach. Independent proprietary research
is key to its investment process. Hillhouse focuses on the consumer, TMT,
industrials and healthcare sectors and invests in companies across all equity
stages. Hillhouse manages capital for institutional clients such as university
endowments, foundations, sovereign wealth funds, pensions and family offices.

About Stone Point

Stone Point Capital LLC is a financial services-focused private equity firm
based in Greenwich, CT. The firm has raised and managed six private equity
funds – the Trident Funds – with aggregate committed capital of approximately
$13 billion. Stone Point targets investments in the global financial services
industry, including investments in companies that provide outsourced services
to financial institutions, banks and depository institutions, asset management
firms, insurance and reinsurance companies, insurance distribution and other
insurance-related businesses, specialty lending and other credit opportunities,
mortgage services companies and employee benefits and healthcare companies.
For further information about Stone Point, see www.stonepoint.com.

Cautionary Statement

This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements include statements regarding the intent, belief or current
expectations of Enstar and its management team. Investors are cautioned that
any such forward-looking statements speak only as of the date they are made,
are not guarantees of future performance and involve risks and uncertainties,
and that actual results may differ materially from those projected in the
forward-looking statements as a result of various factors. Important risk
factors regarding Enstar can be found under the heading "Risk Factors" in
Enstar's Form 10-K for the year ended December 31, 2015 and Form 10-Q for the
quarterly period ended September 30, 2016, and are incorporated herein by
reference. Furthermore, Enstar undertakes no obligation to update any written
or oral forward-looking statements or publicly announce any updates or
revisions to any of the forward-looking statements contained herein, to reflect
any change in its expectations with regard thereto or any change in events,
conditions, circumstances or assumptions underlying such statements, except as
required by law.

Contact: Mark Smith
Telephone: +1 (441) 292-3645

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