Specialty insurance carrier, Core Specialty Insurance Holdings, Inc., has confirmed that rating agency A.M. Best has removed from under review with developing implications the credit ratings of StarStone Specialty Insurance Company and StarStone National Insurance Company.
At the same time, A.M. Best has affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of both StarStone Specialty Insurance and StarStone National Insurance. The outlooks assigned to these Credit Ratings is stable.
In early December, it was revealed that Enstar Group completed the sale and recapitalization of StarStone U.S. Holdings, Inc., via the sale of StarStone U.S. to Core Specialty Insurance Holdings, Inc.
As we wrote previously, the recapitalization was led by SkyKnight Capital, L.P., Dragoneer Investment Group, and Aquiline Capital Partners LLC. As part of the arrangement, Enstar received a combination of cash consideration and shares in the rebranded Core Specialty.
Commenting on the removal from under review and affirmation of the ratings, Jeff Consolino, President and Chief Executive Officer (CEO), said: “Core Specialty completed the recapitalization of StarStone U.S. Holdings, Inc. on November 30, 2020, bringing pro forma Shareholders’ Equity to over $900 million.
“We are pleased that AM Best has removed its under review status and affirmed the ratings of our two insurance operating subsidiaries.”