Enstar Group completes StarStone sale
Bermudian-based global insurance outfit Enstar Group Ltd and Stone Point Capital LLC have completed the previously announced sale of StarStone Underwriting Ltd, the Lloyd’s managing agency, and its managed Lloyd’s syndicate, 1301, to Inigo Ltd, a new specialty re/insurance holding company.
Enstar, Stone Point and Dowling Funds received $30 million of consideration from the sale of SUL in the form of Inigo shares upon closing, the company said.
In addition, Enstar and Stone Point have committed to invest up to $27 million and $18 million, respectively, in Inigo, giving them 5.4 per cent and 3.6 per cent equity ownership of the new business, respectively.
Enstar and Stone Point have retained the liabilities of Syndicate 1301’s 2020 and prior underwriting years of account, the company said, adding that ultimately these years of account will be transferred through reinsurance to close into Enstar’s legacy Syndicate 2008.