Jun 2018
Conyers Dill & Pearman advised Bermuda reinsurer Enstar Group plc on its public offering of 16,000,000 depositary shares, each representing a 1/1,000th interest in its 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series D, US$1.00 par value and US$25,000 liquidation preference per share (equivalent to US$25.00 per depositary share), for an aggregate public offering price of US$400 million.
Enstar is a multi-faceted insurance group, with over US$15.6 billion in assets, 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 Group Limited was founded in 2001 and is headquartered in Hamilton, Bermuda.
Counsel Sheba Raza and Associate Sophia Collis of Conyers’ London office provided Bermuda law advice on the matter working alongside Drinker Biddle & Reath LLP who advised on the US law aspects of the transaction.