HAMILTON, Bermuda - Enstar Group Limited (NASDAQ:ESGR), a global reinsurance group, today announced forthcoming cash dividends for its Series D and Series E preference shares. Shareholders of record as of February 15, 2024, will receive dividends of $0.43750 per depositary share on March 1, 2024. Each depositary share represents a 1/1,000th interest in a Series D or Series E Preference Share, both series having a 7.00% dividend rate.
The announcement of these dividends aligns with Enstar's history of providing returns to its preference shareholders. Enstar specializes in capital release solutions and has a strong track record in the acquisition of legacy insurance companies and portfolios, with over 115 acquisitions to date. The company operates through a network of group companies located in Bermuda, the United States, the United Kingdom, Continental Europe, and Australia.
Enstar's operations have positioned it as a significant player in the legacy acquisition market. The company's strategy involves acquiring and managing insurance and reinsurance companies in run-off and providing management, consulting, and other services to the global insurance and reinsurance industry.
InvestingPro Insights
Enstar Group Limited's (NASDAQ:ESGR) recent dividend announcement for its Series D and Series E preference shares is indicative of its commitment to delivering shareholder value. In line with this, Enstar's management has been proactively enhancing shareholder worth, as highlighted by the aggressive share buyback strategy. With a market capitalization of $4.18 billion, Enstar is trading at an alluring earnings multiple, with an adjusted P/E ratio of just 5.89 for the last twelve months as of Q3 2023. This positions the company attractively relative to its earnings power.
Additionally, Enstar's financial health is underscored by its high shareholder yield and the fact that its liquid assets surpass its short-term obligations. These InvestingPro Tips indicate a robust balance sheet and a potential for increased investor confidence. Moreover, the company's profitability over the last twelve months further reinforces its financial stability, although it does not pay a dividend to common shareholders, focusing instead on preference shares.
Investors considering Enstar as part of their portfolio should note that the company's revenue has shown impressive growth, with an increase of 182.35% in the last twelve months as of Q3 2023. For those looking for more detailed analysis and additional InvestingPro Tips, a subscription to InvestingPro is now available at a special New Year sale with a discount of up to 50%. Use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year subscription. With 5 additional tips listed in InvestingPro, investors can gain a more comprehensive understanding of Enstar's potential.
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