Enstar, Stone Point complete sale of StarStone to Inigo

Enstar Group and Stone Point Capital have completed the sale of StarStone Underwriting, the Lloyd’s managing agency, and its managed Lloyd’s syndicate, 1301, to Inigo, the new specialty re/insurance holding company.

Enstar, Stone Point and Dowling Funds received $30 million from the sale of StarStone in the form of Inigo shares. Enstar and Stone Point will also invest up to $27 million and $18 million, respectively, into Inigo. Those investments will give them 5.4 percent and 3.6 percent equity ownership of the new business, respectively.

Enstar and Stone Point have retained the liabilities of Syndicate 1301’s 2020 and prior underwriting years of account. Ultimately these years of account will be transferred through reinsurance to close into Enstar’s legacy Syndicate 2008.