Atrium and StarStone put up for sale by Enstar Group

Run-off specialist Enstar Group is pondering a sale of Atrium Underwriting, which writes business through Lloyd’s syndicate 209, and StarStone Insurance, its speciality insurance unit with a global presence.

Enstar indicated in a filing with the SEC that, in light of other M&A activity in the industry, it felt market conditions could be favourable in terms of a potential sale. It has retained investment bank Evercore Group to evaluate market interest in acquiring these companies.

Enstar partnered with Trident V funds managed by Stone Point Capital when it acquired Atrium and StarStone.

Enstar’s core business has always been run-off and the acquisition of these marked a departure from its traditional strategy.

Levels of mergers and acquisition have remained high in recent years with several notable deals having been completed in the past 12 months, many at favourable pricing levels.

In its SEC filing, the company said: “The Company and Stone Point Capital have retained Evercore Group to assist in evaluating market interest regarding the potential sale of the Company’s active underwriting businesses, Atrium and StarStone.

“The Company and Stone Point reached the decision to engage Evercore in light of their favorable perception of market conditions, following several other recent transactions in the industry, and will explore whether there is interest in these businesses at attractive pricing levels.

“The Company partnered with the Trident V funds (managed by Stone Point) in the initial acquisitions of its active underwriting businesses.”

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