• Investment Year:2001, 2012
  • Status:Current
  • Stage:
  • HQ:Bermuda

Enstar

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Enstar is a leading acquiror and manager of insurance and reinsurance companies and portfolios in run-off and provides management, consulting and other services to the global insurance and reinsurance industry.

Enstar has expanded into active underwriting with its acquisitions of Atrium Underwriting Group Ltd. and StarStone Insurance Holdings Ltd. (formerly Torus Insurance Holdings), as well as its launch of reinsurance company KaylaRe Ltd. Trident II invested in Castlewood in 2001, which was subsequently acquired by Enstar.

Enstar is traded on the NYSE: ESGR.

INDUSTRY KNOWLEDGE & NETWORK

Stone Point’s long history of investing in the insurance industry was a tremendous help to Enstar in the expansion into active underwriting with the acquisitions of StarStone and Atrium.

INTRODUCTION TO CLIENTS & PARTNERS

Stone Point helped Enstar achieve market validation and provided executive introductions to a substantial number of key executives in the insurance industry.

M&A SOURCING

Stone Point assisted Enstar in deal origination and execution on numerous run-off deals. Additionally, Stone Point assisted in the execution of two investments in the active underwriting business by assisting in due diligence, deal structuring and rating agency communication.

EXECUTIVE RECRUITING & ALIGNMENT

Stone Point introduced John Shettle, who served as StarStone’s U.S. CEO and then, Vice Chairman, as well as Norman Brown, who served as U.S. CEO to StarStone. In addition, we actively assisted with the structuring of incentive programs at Atrium and Kayla Re.

OPERATIONAL ASSISTANCE & GOVERNANCE

Stone Point helped Enstar create a formal board structure and institutionalize its operations. We partnered with management to grow the business from 23 employees and $50 million of reserves to approximately 1,200+ employees and more than $7.7 billion of reserves.

Stone Point's contacts in the insurance industry have increased our deal flow, and the relationship with them has enhanced our reputation as the leading provider of run-off management services.
Dominic Silvester, CEO of Enstar

Investments highlighted or discussed in this selection have been selected to illustrate SPC’s investment approach and/or market outlook and are not intended to be an indicator of past or future performance. Each investment discussed in this selection has been selected solely for this purpose and has not been selected on the basis of performance or any performance-related criteria. The investments discussed herein do not represent an entire portfolio and in the aggregate may only represent a small percentage of holdings. Nothing in this presentation shall constitute a recommendation or endorsement to buy or sell any security or other financial instrument referenced herein.