Headlines of Interest

Below are some press releases from company’s with preferred stock or baby bonds outstanding.

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CorEnergy Announces Third Quarter 2022 Results

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Great Elm Group, Inc. Schedules Fiscal 2023 First Quarter Earnings Release and Conference Call

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LifeMD, Inc. Reports Third Quarter 2022 Results

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DTE Energy issues dividend

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Brookfield Announces Strong Third Quarter Results

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Enstar Completes Loss Portfolio Transfer With Argo

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Fossil Group, Inc. Reports Third Quarter 2022 Financial Results

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Kite Realty Group Trust Declares Quarterly Common Dividend of $0.24 per Common Share, a 9% Increase Over Previous Quarter and a 22% Year-over-Year Increase

One thought on “Headlines of Interest”

  1. Any of you familiar with the reinsurance industry? Just reading and trying to understand that press release from Enstar (who issued $500M in Jr Subordinated Fix-Reset Debt this past January).

    “Enstar Group Limited … announced today that one of its wholly-owned subsidiaries has closed its Loss Portfolio Transfer transaction with specialty insurance underwriter Argo Group … to reinsure a number of its direct U.S. casualty insurance portfolios relating to accident years 2011 to 2019. Enstar’s subsidiary covers ground up reserves of $746 million and an additional $275 million of cover in excess of $821 million, up to a policy limit of $1.1 billion. Argo will retain a loss corridor of $75 million up to $821 million.”

    I think this is saying that Enstar has taken on a portfolio of Argo’s policies, and for that portfolio, will cover the first $746M of losses, Argo will cover the next $75M (the “corridor up to $821M”), and Enstar will cover an additional $275M, totaling $1.1B in all. Correct so far?

    What’s missing is what Enstar gets in return: presumably whatever loss reserves Argo had allocated to those policies?

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