Exhibit








Exhibit 4.4


    
UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO ENSTAR GROUP LTD. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW.
IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.
Certificate Number: A-1                                                Number of Depositary Shares: 16,000,000
CUSIP / ISIN NO.: 29359U 109 / US29359U1097
ENSTAR GROUP LTD.
RECEIPT FOR DEPOSITARY SHARES 
Each Representing a 1/1,000th Interest in a Share of 
7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series D 
(par value $1.00 per share) 
(liquidation preference $25,000 per share)




American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Depositary”), hereby certifies that CEDE & CO. is the registered owner of 16,000,000 depositary shares ($400,000,000 aggregate liquidation preference) (“Depositary Shares”), each Depositary Share representing a 1/1,000th interest in a share of 7.00% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series D, $1.00 par value per share and liquidation preference of $25,000 per share of Enstar Group Ltd., a Bermuda exempted company limited by shares (the “Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated June 27, 2018 (the “Deposit Agreement”), among the Company and the Depositary, as Registrar and Transfer Agent and as Dividend Disbursing Agent and Redemption Agent (each term as defined in the Deposit Agreement), and the holders from time to time of Receipts (as defined in the Deposit Agreement) for Depositary Shares. By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if a Registrar in respect of the Receipts (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar.













Dated: June 27, 2018
	
			
	 
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC as Depositary

	 
	By:
	/s/ Michael Legregin

	 
	 
	Michael Legregin
Senior Vice President



















[FORM OF REVERSE OF RECEIPT]
The following abbreviations when used in the instructions on the face of this receipt shall be construed as though they were written out in full according to applicable laws or regulations.
	
		
	TEN COM - as tenant in common
	UNIF GIFT MIN ACT - _______ 
Custodian _______ 
    (Cust)    (Minor)

	JT TEN - as joint tenants with right of survivorship         
and not as tenants in common    (State)
	 

	 
	 

	TEN ENT - as tenants by the entireties
	Under Uniform Gifts to Minors Act






Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, __________________ hereby sell(s), assign(s) and transfer(s) unto
	
		
	PLEASE INSERT SOCIAL SECURITY OR 
OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE

	 

	 

	 

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
INCLUDING POSTAL ZIP CODE OF ASSIGNEE

	 

	 

	 

	_________________________ Depositary Shares represented by the within Receipt, and do hereby irrevocably constitute and appoint


_________________________ Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.



	Dated _________________
	NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatever.

















SIGNATURE GUARANTEED
NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.