Enstar is a specialty (re)insurance group focused entirely on acquiring and managing insurance and reinsurance liabilities in "run-off" — policies that are no longer writing new business but still have outstanding claims to settle. Enstar does not underwrite new insurance. Instead, Enstar buys liability portfolios from insurers that want to exit certain lines, free up regulatory capital, or reduce earnings volatility. Enstar structures transactions in several ways: loss portfolio transfers (LPTs), where Enstar takes over an entire reserve portfolio; adverse development covers (ADCs), where Enstar reinsures losses above a cedant's established reserves; and outright company acquisitions for full finality. Enstar's economics are driven by two core levers. First, run-off liability earnings (RLE): Enstar acquires reserves at a discount and profits when it settles claims for less than carried reserves — a function of its claims management capabilities, commutation expertise, and reinsurance recoveries. Second, investment return on float: between receiving consideration from cedants and paying out claims (which can span decades for long-tail liabilities like asbestos and environmental), Enstar invests the assets. As liabilities are settled and regulatory capital requirements decline, Enstar recycles excess capital into new acquisitions or share buybacks. In July 2024, Enstar agreed to be acquired by Elk Bidco, backed by Sixth Street Partners, in an all-cash deal expected to close mid-2025, after which Enstar will operate as a private subsidiary.