Business: Enstar Group Ltd., 7.00% Depositary Shares, each representing a 1/1,000th interest in a share of the Perpetual Non-Cumulative Preference Shares, Series E, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 3/1/2024 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 7.00% per annum ($1.75 per annum or $0.4375 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date that will be on the immediately preceding 15th day of February, May, August and November (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Prior to 3/1/2024, in specified circumstances relating to certain corporate, regulatory, rating agency or tax events, the Preference Shares will be redeemable at the issuer's option in whole or in part, at a redemption price of $25.00 per depositary share, plus declared and unpaid dividends (see prospectus for further information). Dividends paid by these preferred shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-38 of the prospectus for further information). This security was rated as BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.