Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 2 of 2025

Financial Sector (Shareholdings) Act 1998

To: The Existing Approval Holders named in Schedule 1 and the Applicants listed in Schedule 2

Since:

1.             On 19 May 2017, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Gordian RunOff Limited ABN 11 052 179 647 (Gordian) and each of the then financial sector companies (the Existing Approval)1;

1.             On 9 May 2025, the Existing Approval Holders requested that the Existing Approval be revoked;

1.             On 9 May 2025, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Gordian and each of the financial sector companies listed in Schedule 3;

1.             I am satisfied it is in the national interest for the Applicants to hold a 100% stake in Gordian and each of the financial sector companies listed in Schedule 3,

I, Vincent Lee, a delegate of the Treasurer:

1.           under subsection 18(3) of the Act, revoke the Existing Approval on and from 31 May 2026; and

1.           under subsection 14(1) of the Act, approve each of the Applicants to hold a 100% stake in Gordian and the financial sector companies listed in Schedule 3; and

This approval commences on the day it is made and remains in force indefinitely. Dated: 22 May 2025

Vincent Lee

Acting General Manager

General Insurance and Banking Division Australian Prudential Regulation Authority

1 C2017G00567

Interpretation

Act means the Financial Sector (Shareholdings) Act 1998.

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

Notes

Note 1 Under section 14 of the Act, the Treasurer must give written notice of an approval to the applicant and financial sector company concerned and this instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

Note 2 Section 19 of the Act provides for flow-on approvals. If an approval has been granted for the holding of a stake in a financial sector company and the financial sector company is a holding company for an authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in each financial sector company that is a 100% subsidiary of the holding company.

Schedule 1 – the Existing Approval Holders

1.         Enstar Group Limited (Bermuda)
2.         Kenmare Holdings Ltd. (Bermuda)
3.         Enstar Asia Holdings Limited (UK)
4.         Enstar Asia Pacific Pty Ltd ABN 30 616 577 667
5.         Enstar Australia Holdings Pty Limited ACN 128 812 546
6.         AG Australia Holdings Limited ABN 73 054 573 401

Schedule 2 – the Applicants

1.         AG Australia Holdings Limited ABN 73 054 573 401;
2.         Enstar Australia Holdings Pty Limited ABN 20 128 812 546;
3.         Enstar Asia Pacific Pty Ltd ABN 30 616 577 667;
4.         Enstar (US Asia-Pac) Holdings Limited (UK);
5.         Kenmare Holdings Ltd (Bermuda);
6.         Enstar Group Limited (Bermuda);
7.         Elk Bidco Limited (Bermuda);
8.         Elk Parent Limited (Bermuda);
9.         Elk Intermediate Holdings, LLC (Bermuda);
10.     Elk Topco, LLC (Bermuda);
11.     Elk Insurance Holdings, LLC (United States of America);
12.     Mr A. Michael Muscolino;
13.     Mr Joshua Easterly;
14.     Ms Jennifer Gordon;
15.     Mr Steven T. Mnuchin;
16.     Mr J. Christopher Flowers as trustee of JCF Elk Trust (New York);
17.     Mr Tim Hanford as trustee of JCF Elk Trust (New York);
18.     Ms Sally Rocker as trustee of JCF Elk Trust (New York);
19.     Liberty 77 Capital L.P. (United States of America) as trustee of Liberty Strategic (ELK) Trust (New York);
20.     Liberty 77 Capital Partners L.P. (United States of America);
21.     Liberty Capital L.L.C. (United States of America); and
22.     STM Partners LLC (United States of America).

Schedule 3 – the Financial Sector Companies

1.         AG Australia Holdings Limited ABN 73 054 573 401;
2.         Enstar Australia Holdings Pty Limited ABN 20 128 812 546;
3.         Enstar Asia Pacific Pty Ltd ABN 30 616 577 667;
4.         Enstar (US Asia-Pac) Holdings Limited (UK);
5.         Kenmare Holdings Ltd (Bermuda);
6.         Enstar Group Limited (Bermuda);
7.         Elk Bidco Limited (Bermuda);
8.         Elk Parent Limited (Bermuda);
9.         Elk Intermediate Holdings, LLC (Bermuda);
10.     Elk Topco, LLC (Bermuda); and
11.     Elk Insurance Holdings, LLC (United States of America).