 Net Earnings of 798.6 million and 281.7 million for the Three and Six Months Ended June 30, 2020, primarily driven by strong investments performance Non-GAAP Operating Income of 567.6 million and 229.8 million for the Three and Six Months Ended June 30, 2020 Increase in fully diluted book value per share of 23.3 and 7.6 for the Three and Six Months Ended June 30, 2020 non-annualizedHAMILTON, Bermuda, Aug. 10, 2020 GLOBE NEWSWIRE -- Enstar Group Limited Nasdaq: ESGR filed its quarterly report on Form 10-Q with the SEC earlier today, reporting its earnings and financial position for the three and six months ended June 30, 2020.Enstar reported consolidated net earnings of 798.6 million or 36.65 per fully diluted ordinary share and 281.7 million or 12.93 per fully diluted ordinary share for the three and six months ended June 30, 2020, respectively, compared to consolidated net earnings of 231.8 million or 10.70 per fully diluted ordinary share and 590.6 million or 27.26 per fully diluted ordinary share for the three and six months ended June 30, 2019, respectively.The key drivers of net earnings were: Net realized and unrealized gains of 967.6 million for the three months ended June 30, 2020, including 550.2 million relating to other investments and equities and 417.4 million relating to fixed income securities; Net realized and unrealized gains of 338.5 million for the six months ended June 30, 2020, including 198.7 million relating to other investments and equities and 139.8 million relating to fixed income securities;Non-GAAP operating income1 was 567.6 million or 26.05 per fully diluted ordinary share1 and 229.8 million or 10.55 per fully diluted ordinary share for the three and six months ended June 30, 2020, respectively, compared to non-GAAP operating income of 109.7 million or 5.06 per fully diluted ordinary share and 308.4 million or 14.24 per fully diluted ordinary share for the three and six months ended June 30, 2019, respectively.1 Non-GAAP operating income loss and non-GAAP operating income loss per fully diluted ordinary share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations of these non-GAAP measures to the most comparable GAAP financial measures net earnings loss attributable to Enstar ordinary shareholders and diluted net earnings loss per ordinary share, respectively are provided below, along with a discussion of the rationale for the presentation of these items.Enstars ordinary shareholders equity at June 30, 2020 amounted to 4,676.9 million or 213.06 per fully diluted ordinary share, compared to 4,332.2 million or 197.93 per fully diluted ordinary share at December 31, 2019. The Form 10-Q, which is available on Enstars website, contains a more detailed description of Enstars business and financial results.About EnstarEnstar is a multi-faceted insurance group, with approximately 21.3 billion in assets, that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar is a market leader in completing legacy acquisitions, having acquired over 100 companies and portfolios since its formation in 2001. Enstars active underwriting businesses include the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyds Syndicate 609. For further information about Enstar, see Financial MeasuresIn addition to presenting net earnings loss attributable to Enstar ordinary shareholders and diluted earnings loss per ordinary share determined in accordance with U.S. GAAP, we believe that presenting non-GAAP operating income loss attributable to Enstar ordinary shareholders and diluted non-GAAP operating income loss per ordinary share, non-GAAP financial measures as defined in SEC Regulation G, provides investors with valuable measures of our performance.Non-GAAP operating income loss excludes: i net realized and unrealized gains losses on fixed maturity investments and funds held - directly managed included in net earnings loss, ii change in fair value of insurance contracts for which we have elected the fair value option, iii gain loss on sale of subsidiaries, if any, vi net earnings loss from discontinued operations, if any, v tax effect of these adjustments where applicable, and vi attribution of share of adjustments to noncontrolling interest where applicable. We eliminate the impact of net realized and unrealized gains losses on fixed maturity investments and funds held - directly managed and change in fair value of insurance contracts for which we have elected the fair value option because these items are subject to significant fluctuations in fair value from period to period, driven primarily by market conditions and general economic conditions, and therefore their impact on our earnings is not reflective of the performance of our core operations. When applicable, we eliminate the impact of gain loss on sale of subsidiaries and net earnings loss from discontinued operations because these are not reflective of the performance of our core operations.We believe these non-GAAP measures enable readers of our consolidated financial statements to analyze our results in a way that is more aligned with the manner in which our management measures our underlying performance. We believe that presenting these non-GAAP financial measures, which may be defined and calculated differently by other companies, improves the understanding of our consolidated results of operations. These measures should not be viewed as substitutes for those calculated in accordance with U.S. GAAP.Reconciliation of Non-GAAP Financial MeasuresNon-GAAP operating income attributable to Enstar ordinary shareholders is calculated by the addition or subtraction of certain items from within our consolidated statements of earnings to or from net earnings attributable to Enstar ordinary shareholders, the most directly comparable GAAP financial measure, as illustrated in the table below: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 expressed in thousands of U.S. dollars, except share and per share data Net earnings attributable to Enstar ordinary shareholders798,553 231,842 281,732 590,593 Adjustments: Net realized and unrealized gains on fixed maturity investments and funds held - directly managed 1417,364 185,819 139,803 423,750 Change in fair value of insurance contracts for which we have elected the fair value option134,043 37,962 75,806 94,003 Net earnings loss from discontinued operations1,152 3,943 3,221 4,125 Tax effects of adjustments 239,264 18,676 13,299 38,799 Adjustments attributable to noncontrolling interest 311,994 3,082 4,417 12,897 Non-GAAP operating income attributable to Enstar ordinary shareholders 4567,642 109,686 229,838 308,417 Diluted net earnings per ordinary share36.65 10.70 12.93 27.26 Adjustments: Net realized and unrealized gains on fixed maturity investments and funds held - directly managed 119.15 8.57 6.42 19.56 Change in fair value of insurance contracts for which we have elected the fair value option6.15 1.75 3.48 4.34 Net earnings loss from discontinued operations0.05 0.18 0.15 0.19 Tax effects of adjustments 21.80 0.86 0.61 1.79 Adjustments attributable to noncontrolling interest 30.55 0.14 0.20 0.60 Diluted non-GAAP operating income per ordinary share 426.05 5.06 10.55 14.24 Weighted average ordinary shares outstanding: Basic21,565,240 21,477,772 21,557,542 21,470,675 Diluted21,789,242 21,675,451 21,788,331 21,661,769 1 Represents the net realized and unrealized gains and losses related to fixed maturity securities included in net earnings loss. Our fixed maturity securities are held directly on our balance sheet and also within the Funds held - directly managed balance. Refer to Note 5 - Investments to our consolidated financial statements included within Item 1 of our Quarterly Report on Form 10-Q for further details on our net realized and unrealized gains and losses.2 Represents an aggregation of the tax expense or benefit associated with the specific country to which the pre-tax adjustment relates, calculated at the applicable jurisdictional tax rate.3 Represents the impact of the adjustments on the net earnings loss attributable to noncontrolling interest associated with the specific subsidiaries to which the adjustments relate.4 Non-GAAP financial measure. Cautionary StatementsForward-Looking StatementsThis press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. In particular, the evolving COVID-19 pandemic has caused significant economic and financial turmoil globally, as well as uncertainty and volatility in the financial markets. 