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Enstar Group has announced that it is no longer pursuing the sale of its active underwriting businesses, Atrium and StarStone.
The announcement came via a filing with the SEC. In it Enstar and Stone Point Capital said that they: “are no longer assessing market interest regarding the potential sale of the Company’s active underwriting businesses, Atrium and StarStone. The company and Stone Point initially engaged an investment bank to assess interest in these businesses in light of their favourable perception of market conditions (following several recent transactions in the industry), but have decided to stop the evaluation process and continue as owners of StarStone and Atrium.”
Atrium Underwriting writes business through Lloyd’s syndicate 209 and StarStone Insurance, which was formerly known as Torus Insurance, is a speciality insurance unit with a global presence.
In a June 2018 filing with the SEC Enstar Group indicated that it was considering the possible sale of the subsidiaries, saying that, in light of other M&A activity in the industry, it felt market conditions could be favourable in terms of a potential sale.
Enstar, sale, Atrium, StarStone, possible, SEC filing, announcement