Bermuda-based Enstar Group, along with affiliates of Stone Point Capital of Connecticut, have completed their previously announced acquisition of Arden Reinsurance.

They acquired Arden Reinsurance in a transaction valued at nearly $79.6 million.

Around $47.8 million of the purchase pric has been financed by Enstar through its revolving credit facility.

Arden is a Bermuda-based reinsurance company that provides reinsurance to the Atrium Underwriting group of companies and is currently in the process of running off certain other discontinued businesses.

Atrium is an underwriting business at Lloyd's of London.

The purchaser of Arden Reinsurance, Northshore Holdings, is 60 percent owned by an Enstar subsidiary and 40 percent owned by funds affiliated with Stone Point.

Earlier on 5 June 2013, Enstar signed a deal with Arden Holdings to purchase its reinsurance arm for $79.6 million and Atrium Underwriting Group for $183m.

The acquisition, which is subject to regulatory approval and various customary closing, is expected to close in the fourth quarter of 2013.

Enstar and Stone Point will take 60 percent and 40 percent interests in Atrium transaction, respectively.