JDC TECHNICAL EVALUATION REPORT

Subject: Enstar Group Limited – (04023399)

Reference UID: 6034

Broker Code: 643

Market Authority: London & International Markets

Case Ref: 00033E011A01

Date: 6^th March 2026

Status: In Progress

Transaction Analysis

Nature of Case: 100% acquisition of AF Group from Blue Cross.

Strategic Intent: Leveraging sixth street backing to support specialty portfolio growth.

Jurisdiction: London HQ for specialty powerhouse operations.

Market Impact: Significant expansion into specialty hubs with a 1,335p share price backdrop.

Additional Comment

N/A