Enstar said to seek buyer for businesses
Enstar Group is mulling a sale of its StarStone and Atrium businesses, according to a report in British trade press.
The Bermudian-based run-off specialist and its private-equity investor Stone Point have called in Evercore for advice after receiving takeover offers for the businesses, The Insurance Insider reported.
Both StarStone and Atrium are “live” underwriting operations — that is they seek out and write new business — as opposed to Enstar’s predominant legacy book, which does not.
StarStone was acquired in 2014 for $646 million. Last year, the specialty insurer with a business in the Lloyd’s of London market, wrote $895 million of gross premium. Atrium is a Lloyd’s managing agency.
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