Executives from Enstar, one of the largest legacy and run-off reinsurance specialists in the world, told Artemis that they are seeing strong interest for its solutions from the insurance-linked securities (ILS) funds sector, as managers seek mechanisms to provide liquidity to their investors.Speaking with us around the Monte Carlo Rendez-vous event this week, Enstar’s Anguel Zaprianov, Executive Vice President, M&A, Tanvi Patel, Senior Vice President, M&A and David Ni, Chief Strategy Officer, all discussed the growing wave of interest in its solutions within the ILS sector, saying they see it as an exciting area of growth.Enstar has been the first mover in provision of legacy and run-off expertise and solutions tailored to meet the needs of ILS funds and their investors, delivering on .On top of that, .

In addition the company also further demonstrated its appetite to work closely with third-party investors through , a vehicle and transaction that has embedded liquidity and exit option terms for its capital providers.Zaprianov, Executive Vice President, M&A at Enstar explained to us in Monte Carlo, “There are two areas that we’re looking at.One is providing liquidity to ILS investors – something we’ve done several deals on, and we’ve done more of that this year too.

Then the second piece is the forward exit option.We’ve executed one such deal around Fractal, which was in the casualty space.“We’re also looking to expand this into the property cat market.

There’s strong interest for these solutions, particularly around ILS funds looking to provide liquidity for their investors.” He continued, “Ultimately, it all boils down to one thing: liquidity.Investors are increasingly focused on achieving finality and having liquidity effectively pre-wired as part of the investment strategy.“Both solutions we offer directly address that need.

So, we’re very engaged with the market, on forward exit options, whether that’s casualty or property.“We need to be selective in our approach.In the case of Fractal, there was a long-standing history with the MGA and a very reputable fronting partner in State National.

We must have the right ingredients in place to make these solutions viable.“So, while we remain selective, we see the interest out there.We’re actively engaged on a number of opportunities, whether it’s a sidecar, third-party capital vehicle, or ILS funds.” These solutions have been a topic of note during our discussions with market participants at the Rendez-vous this year, as the maturing ILS market looks to deliver ways to help investors capital be more liquid and re-usable more quickly as well.

Patel, Senior Vice President, M&A at Enstar explained that interest is tangible at this time.She told us during the interview, “It’s now much more a part of the discussion.I’ve really noticed that evolution over the past 18 months.

Previously, it was a small part of the conversation – people didn’t really know who we were, but that’s changed significantly.It’s great to see it becoming a regular part of the dialogue.“Some of the strides we took last year, particularly with trapped capital solutions and the forward exit option, really helped bring the legacy market concept and ideas to the forefront.

Throughout 2025, that’s been reflected in the volume of inbound enquiries and depth of discussions we’ve had.“It’s really just been about education for investors, helping them understand the options available to them.“Now, we’re looking to broaden that out, to really make sure that the market understands what we can do and the solutions we can provide.” Zaprianov further said that, “So far, our conversations have primarily been with the sponsor or the ILS fund.

However, we’re open to also have individual discussions with investors who are seeking to exit certain positions.“In such cases we may be able to offer them a price for their holding within a fund and take on their position that way.Obviously, this would need to meet certain size thresholds, but we’re certainly happy to have those discussions.

“I would love to see the market develop into something much larger, and we have the capital and the expertise to facilitate that.” Patel highlighted that education is building around the role that legacy specialists can take within the ILS market and how their solutions can assist capital efficiency in the sector.“I think it’s around the evolution and development of both the ILS market and the legacy space, specifically their growing understanding.Coming back to the development of a secondary market and securitization, part of that journey has been ours as well,” Patel explained.

She added that, “We’ve been steadily building our understanding of the ILS sector and its many facets, while also identifying the areas where we can add real value.“In many ways, I think we’ve all been surprised why this hasn’t been done this sooner.The need is clearly out there, and we’re working closely with the market to provide that solution.

It’s been a journey and realisation, on both sides of the fence.” Ni, Chief Strategy Officer at Enstar, pointed to the growing interest from a diverse investor base in accessing the solutions the company can offer, as well as in the risk it has underwritten and assumed.“There is a lot of private capital interest, and different pockets come with varying costs of capital,” Ni said.Further commenting that, “Something that may not fit perfectly on our own balance-sheet, given our higher cost of capital and the need for a certain return threshold, could be perfectly suitable for someone else’s cost of capital.

“If we can originate, package and distribute that risk effectively, it opens much more room to do business.” Patel further explained that the solutions Enstar has delivered so far in ILS and third-party capital structures are a validation of the work undertaken at the company and its underwriting.Zaprianov said that looking ahead it will be interesting to see if investor demand for liquidity and finality continues to increase, as this could “become a point of differentiation” for ILS style offerings in the market, while “becoming a standard part of the investment commitment.” Moving on to speak about the Scaur Hill Re sidecar that Enstar recently launched, Zaprianov said that it’s all about alignment.“The alignment between us and the investor is strong.

While they’ve done their own analysis and due diligence, the fact that we are so strongly aligned really adds value, and we expect to maintain that arrangement in the future as well,” he explained.“Now that we have built the framework and we have it all set up, we can pull the trigger quickly.And there is clear interest from investors who want to come alongside us.

Our track record and experience help, but it’s the alignment that’s attracting a wide range of potential partners.” Patel added, “As our own exposure to the broader ILS and third-party capital space has grown, we’ve seen these vehicles take shape.It’s been a shared journey with the market.On both sides, us learning more about the sector, and the investors learning more about us.

“That mutual understanding has led to real buy-in to what we’re doing, especially around the quality of our underwriting.” ..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.