Legacy acquirer Enstar Group says it is considering “strategic options” for its StarStone International operations.
Enstar had previously announced that StarStone International had contributed its renewal rights to Atrium Underwriters Limited, which manages Lloyd’s Syndicate 609.
International business not assumed by Atrium will be placed into an orderly run-off, Enstar said.
The liabilities associated with the StarStone International Run-Off vary in duration, and the run-off of such liabilities is expected to occur over a number of years.
Steps to reduce the size of the StarStone international operations will begin immediately and will involve several phases to occur over time.
Appropriate operations will remain in place to serve the needs of policyholders and ensure that the companies continue to meet all regulatory requirements.
As a result, Enstar cannot anticipate with certainty the expected completion date of the StarStone International Run-Off.