Enstar has announced that it is “no longer assessing market interest” regarding the potential sale of its active underwriting businesses, Atrium and StarStone.
The insurance, reinsurance and run-off specialist revealed in June said that it had, alongside fellow investor Stone Point Capital LLC, engaged an investment bank to assess interest in the businesses.
Enstar also partnered with the Trident V funds, which are managed by Stone Point, in its initial acquisitions of the active underwriting entities.
The parties said they considered market conditions to be favourable following the series of large, high-value mergers & acquisitions (M&A) transactions seen this year.
However, following their assessments, Enstar and Stone Point stated that they have “decided to stop the evaluation process and continue as owners of StarStone and Atrium.”
Enstar’s core business is now in realising the value of legacy books and investing, so it was perhaps unsurprising that the company would be willing to sell on its active underwriting units for the right price.
