Enstar acquires Arden Reinsurance for $79.6m – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

Enstar acquires Arden Reinsurance for $79.6m

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.

You must be Registered or to post comment or to vote.

Published September 10, 2013 at 11:42 am (Updated September 10, 2013 at 11:42 am)

Enstar acquires Arden Reinsurance for $79.6m

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon