Acquisitions in Bermuda

Assured Guaranty Ltd. acquired Warwick Re Limited, a Bermuda-based life and annuity reinsurer, and renamed it Assured Life Reinsurance Ltd. The transaction closed on January 21, 2026, and included Warwick Re’s balance sheet, infrastructure and staff, as well as its ultimate parent Warwick Company (UK) Limited and related subsidiaries, for an approximate purchase price of $158 million (subject to post-closing adjustments).

Typewriter Ascend Ltd, an entity controlled by Stonepeak and an affiliate of Textainer, completed the acquisition of Global Sea Containers Limited (Seaco), a marine container leasing company. Seaco was acquired from Global Sea Containers Two Limited, a wholly owned subsidiary of Bohai Leasing Co., Ltd., creating the world’s largest container fleet on a CEU basis through the combination of Textainer and Seaco.

Investment vehicles managed by affiliates of Sixth Street completed the acquisition of Enstar Group Limited in an all-cash transaction valuing Enstar at approximately $5.1 billion ($338.00 per ordinary share). Liberty Strategic Capital, J.C. Flowers & Co. LLC and other institutional investors participated alongside Sixth Street, and Enstar will continue operating as a privately held company under the Enstar name.

Kestrel Group LLC and Maiden Holdings, Ltd. closed their previously announced business combination to form a new publicly listed specialty program platform, Kestrel Group Ltd. Maiden’s shares will cease trading on Nasdaq on May 27, 2025, and the new Kestrel Group shares will begin trading on Nasdaq on May 28, 2025 under ticker “KG”. The combined company will continue to write business through AmTrust Financial Group insurance carrier subsidiaries and retains an option to acquire those insurers.

The Loren Group announced it has acquired the historic Elbow Beach Hotel (Elbow Beach Resort) and the Fritholme Garden Residences in Bermuda. The group plans a comprehensive redevelopment to expand its luxury hospitality and residential offerings, including real estate, restaurants, and wellness/member facilities.

Aviva plc completed the acquisition of Probitas Holdings (Bermuda) Limited after receiving all necessary approvals. The transaction consideration was £249 million, and the deal was initially announced on 4 March 2024.

Carrick Group Limited, a Bermuda-based international non-life legacy insurance business providing reinsurance and run-off solutions, has been acquired by Northlight QIAIF plc, an Irish regulated company managed by Northlight Group LLP. The transaction was completed with Carrick purchased from Zimmer Financial Services Group, and Carrick also announced the appointment of new independent non-executive directors to its board.

KKR & Co. Inc. completed its acquisition of the remaining 37% of Global Atlantic Financial Group, increasing its ownership to 100%. KKR had previously acquired a majority stake in 2021 and has served as Global Atlantic’s asset manager; Global Atlantic will continue operating under its brand and existing management team.

Aquarian Holdings closed the acquisition of a controlling interest in Somerset Reinsurance Ltd., a Bermuda-domiciled reinsurer focused on reinsurance solutions for the U.S. life insurance and annuity market. The deal includes a substantial new equity capital infusion to support Somerset Re’s growth, while existing strategic investors Hannover Re and Weiss Family Interests (including founder George Weiss) retain ownership stakes and involvement. Atlas Merchant Capital and other existing shareholders agreed to sell their interests to Aquarian.

3i Infrastructure plc completed a $512 million transaction to acquire a 100% stake in Global Cloud Xchange (GCX). GCX is a global data communications and managed network services provider and owner/operator of the world’s largest private subsea fiber optic network, and 3i Infrastructure plans to invest alongside management to expand capacity, routes, services, and customers.

Apex Group Ltd., a global financial services provider backed by Genstar Capital, announced that Carlyle and Mubadala Investment Company have made an additional equity investment and taken minority stakes in the business. The investment, made alongside founder/CEO Peter Hughes as well as existing investors Genstar and TA Associates, is intended to support Apex’s continued organic growth and acquisition strategy. Financial terms were not disclosed.

Arch Capital Group Ltd., together with investment partners Kelso & Company and Warburg Pincus, completed the all-cash acquisition of Watford Holdings Ltd. under a revised merger agreement valuing the deal at approximately $700 million ($35.00 per share). The acquisition was executed via a newly formed affiliated entity owned approximately 40% by Arch and approximately 30% each by funds managed by Kelso and Warburg Pincus, taking Watford private.

TA Associates announced a significant minority growth investment in Apex Group Ltd., a global financial services provider founded in Bermuda by CEO Peter Hughes. Apex remains majority-owned by Genstar Capital, which is partnering alongside TA and management to support continued organic growth and acquisitions as Apex expands its tech-enabled fund and corporate services platform.

Mosaic, a next-generation global specialty insurer combining newly formed Lloyd’s Syndicate 1609 with a syndicated capital management agency, has launched operations across Bermuda, London, the United States, and Asia. Golden Gate Capital is the anchor investor and will hold a majority stake in Mosaic through its financial services portfolio company, Angel Island Capital, alongside investment from Mosaic’s leadership team.

White Mountains Insurance Group, Ltd. entered into a definitive agreement to invest fresh equity capital in and acquire a majority interest in Ark Insurance Holdings Ltd., a Lloyd’s-focused property & casualty insurance platform. White Mountains will contribute $605 million of equity (and buy $41 million of shares from existing owners), resulting in approximately 72% ownership at closing, with an additional commitment of up to $200 million in 2021.

Monument Re signed an agreement, subject to regulatory approval, to acquire GreyCastle Holdings Ltd and its subsidiaries from GreyCastle’s shareholders. GreyCastle, domiciled in Bermuda, manages a portfolio of annuity and life risks through entities including GreyCastle Life Reinsurance (SAC) Ltd and GreyCastle Services.

Canopius Group Limited completed a majority acquisition of Multi-Strat Holdings Ltd. (MultiStrat), a specialty reinsurance group. MultiStrat will continue to operate autonomously and retain its brand, with Stonybrook Capital serving as exclusive financial advisor to MultiStrat on the transaction.

Randall & Quilter (R&Q) acquired Sandell Re, a Bermuda-based hedge fund reinsurer, in a divestiture transaction. Stonybrook Capital & Risk Management served as the exclusive financial advisor to Sandell Re on the sale.

Prosafe SE will acquire Floatel International Ltd in an all-share merger of equals, with Floatel shareholders receiving newly issued Prosafe shares. After closing, Prosafe and Floatel shareholders are expected to own 55% and 45% of the combined company (fully diluted), respectively. The combined entity will operate an enlarged fleet of offshore accommodation vessels serving oil and gas clients worldwide.