Sixth Street, a private equity firm based in San Francisco, has finalized its $5.1 billion purchase of Enstar Group, a specialty insurer that focuses on legacy businesses in Bermuda. With this deal, Enstar’s shares will be taken off the public market, and the company will operate independently as a privately owned business under the same name.
The acquisition, which became public in late July 2024, received approval from Enstar’s shareholders earlier this month. Each shareholder was paid $338 in cash per share, valuing the company at $5.1 billion altogether. Aside from Sixth Street, other investors like Liberty Strategic Capital — led by former Treasury Secretary Steven Mnuchin — and J.C. Flowers joined in on the deal.
Enstar’s CEO, Dominic Silvester, expressed excitement about the next phase for the company now that it’s private. He highlighted the team’s goal to keep leading in the reinsurance field with smart and innovative ideas while staying competitive. Michael Muscolino, the co-founder of Sixth Street, praised Enstar’s business model and management, saying they look forward to working closely with the team to push their plans forward.
On the advisory side, Goldman Sachs handled the financial work for Enstar, while top law firms supported both sides in the deal. This move marks a significant shift for Enstar, as it enters a new chapter outside the public eye with strong backing to continue growing in the insurance market.