Legacy specialist Enstar Group Limited and Stone Point Capital LLC have now completed the sale of StarStone Underwriting Limited and its managed Lloyd’s Syndicate, 1301, to recently launched speciality insurer and reinsurer, Inigo Limited.
Now finalised, Enstar, Stone Point and Dowling Funds received $30 million of consideration from the sale in the form of Inigo shares.
Additionally, Enstar and Stone Point have committed to invest up to $27 million and $18 million, respectively, in the new re/insurer, providing them with a 5.4% and 3.6% equity ownership of Inigo, respectively.
As revealed when the deal was announced back in November, Enstar and Stone Point have retained the liabilities of Syndicate 1301’s 2020 and prior underwriting years of account.
Enstar explains that ultimately, these years of account will be transferred via reinsurance to close in Enstar’s legacy Syndicate 2008.
Recently, Enstar and Stone Point also agreed to a renewal rights transaction for StarStone’s European Financial Lines business, as well as the sale of Belgian-based underwriting agent Vander Haeghen, part of the StarStone International Group.