Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - Enstar Group LTD | w84414e8vkza.htm |
| EX-23.1 - EX-23.1 - Enstar Group LTD | w84414exv23w1.htm |
| EX-99.3 - EX-99.3 - Enstar Group LTD | w84414exv99w3.htm |
| EX-99.1 - EX-99.1 - Enstar Group LTD | w84414exv99w1.htm |
Exhibit 99.2
CLARENDON NATIONAL INSURANCE COMPANY AND SUBSIDIARIES
Unaudited Condensed Combined Consolidated Balance Sheet
As of June 30, 2011
(Expressed in thousands of U.S. dollars)
Unaudited Condensed Combined Consolidated Balance Sheet
As of June 30, 2011
(Expressed in thousands of U.S. dollars)
| June 30, 2011 | ||||
Assets |
||||
Total investments |
$ | 806,909 | ||
Cash and cash equivalents |
6,227 | |||
Reinsurance balances receivable |
1,173,076 | |||
Other assets |
4,139 | |||
Total Assets |
$ | 1,990,351 | ||
Liabilities |
||||
Losses and loss adjustment expenses |
$ | 1,677,245 | ||
Reinsurance balances payable |
18,199 | |||
Funds withheld |
26,277 | |||
Other liabilities |
7,900 | |||
Total Liabilities |
1,729,621 | |||
Shareholders’ Equity |
||||
Share capital |
4,800 | |||
Additional paid-in capital |
736,128 | |||
Retained earnings |
(480,198 | ) | ||
Total Shareholders’ Equity |
260,730 | |||
Total Liabilities and Shareholders’ Equity |
$ | 1,990,351 | ||
Exhibit 99.2
CLARENDON NATIONAL INSURANCE COMPANY AND SUBSIDIARIES
Unaudited Condensed Combined Consolidated Statements of Earnings
For the Six Months Ended June 30, 2011 and 2010
(Expressed in thousands of U.S. dollars)
Unaudited Condensed Combined Consolidated Statements of Earnings
For the Six Months Ended June 30, 2011 and 2010
(Expressed in thousands of U.S. dollars)
| 2011 | 2010 | |||||||
Income |
||||||||
Net investment income |
$ | 5,893 | $ | 9,183 | ||||
Net realized and unrealized gains (losses) |
3,827 | (187 | ) | |||||
| 9,720 | 8,996 | |||||||
Expenses |
||||||||
Net reduction in ultimate loss and loss adjustment expense liabilities |
12,163 | (193,738 | ) | |||||
Salaries and benefits |
7,885 | 8,532 | ||||||
General and administrative expenses |
21,715 | 5,027 | ||||||
Interest expense |
1,035 | (649 | ) | |||||
| 42,798 | (180,828 | ) | ||||||
(Loss) earnings before income taxes |
(33,078 | ) | 189,824 | |||||
Income taxes |
(627 | ) | (477 | ) | ||||
Net (loss) earnings |
$ | (33,705 | ) | $ | 189,347 | |||
Exhibit 99.2
CLARENDON NATIONAL INSURANCE COMPANY AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2011 and 2010
(Expressed in thousands of U.S. dollars)
| 2011 | 2010 | |||||||
Cash (used in) from operating activities: |
||||||||
Net (loss) earnings |
$ | (33,705 | ) | $ | 189,347 | |||
Adjustments to reconcile net (loss) earnings to net cash from
operating activities: |
||||||||
Depreciation and write-off of fixed assets |
5,308 | (17 | ) | |||||
Deferred gain on retroactive reinsurance |
— | (205,176 | ) | |||||
Changes in: |
||||||||
Accrued investment income |
203 | (145 | ) | |||||
Other assets |
19,676 | (3 | ) | |||||
Unpaid loss and loss adjustment expenses, net of reinsurance |
(28,778 | ) | 247,628 | |||||
Other liabilities |
(9,113 | ) | (1,559 | ) | ||||
Federal income tax payable / receivable |
997 | 40 | ||||||
Funds held from reinsurers |
4,095 | (4,962 | ) | |||||
Net cash (used in) from operating activities |
(41,317 | ) | 225,154 | |||||
Cash from (used in) investing activities: |
||||||||
Proceeds from calls, prepayments, and maturity of fixed maturities |
(39,748 | ) | — | |||||
Purchase of fixed maturities |
— | 84,367 | ||||||
Net sales and purchases of short-term investments |
80,822 | (328,175 | ) | |||||
Net cash from (used in) investing activities |
41,074 | (243,808 | ) | |||||
Decrease in cash and cash
equivalents |
(243 | ) | (18,654 | ) | ||||
Cash and cash equivalents, beginning of period |
6,470 | 20,197 | ||||||
Cash and cash equivalents, end of period |
$ | 6,227 | $ | 1,543 | ||||