Carey Olsen supports Hillhouse on sale of its interest in Enstar Group and Enhanzed Reinsurance, totalling US$1.1 billion
Lawyers from Carey Olsen's corporate teams in Bermuda, Cayman Islands and London have advised private equity firm Hillhouse Capital Management on the sale of shares in Enstar Group Limited (Enstar) back to Enstar and the contemporaneous sale of an interest in Enhanzed Reinsurance Ltd. (Enhanzed Re).
The 3,749,400 ordinary shares of Enstar were sold for US$897.3 million. Enstar is a leading global insurance group that delivers insurance solutions to its clients.
The 27.7% stake in Enhanzed Re, a Bermuda based Class 4 and Class E insurer, was sold to a subsidiary of Enstar for US$217.1 million. Enstar's equity interest in Enhanzed Re has increased from 47.4% to 75.1%, with joint venture partner, Allianz SE, continuing to own the remaining 24.9%. Enhanzed Re has approximately US$4.0 billion of assets.
The reinsurer also holds life, non-life run-off, and property and casualty reinsurance reserves of approximately US$3.0 billion, primarily sourced from Allianz and Enstar.
The Carey Olsen team advising on all Bermuda legal and regulatory aspects of the transaction was led by partner Mary Ward, assisted by senior associate Max Tetlow. Partner Nick Bullmore and counsel Dylan Wiltermuth provided Cayman Islands law advice. They worked alongside onshore counsel Debevoise & Plimpton.
Carey Olsen Bermuda Limited is a limited liability company incorporated in Bermuda and approved and recognised under the Bermuda Bar (Professional Companies) Rules 2009. The use of the title "Partner" is merely to denote seniority. Services are provided on the basis of our current terms of business.
