Enstar no longer selling Atrium, StarStone

Bermuda-based run-off specialist Enstar Group is no longer pursuing the sale of its active underwriting businesses, Atrium and StarStone.

Atrium Underwriting writes business through Lloyd’s syndicate 209 and StarStone Insurance is a speciality insurance unit with a global presence.

In June 2018 Enstar said that, in light of other M&A activity in the industry, it felt market conditions could be favourable in terms of a potential sale. The company retained investment bank Evercore Group to evaluate market interest in acquiring these companies.

Enstar’s core business has always been run-off and the acquisition of Atrium and StarStone marked a departure from its traditional strategy, the company said at the time.

However, in a new SEC filing, Enstar revealed that it is no longer assessing market interest regarding the potential sale of 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 the firm has decided to stop the evaluation process and continue as owners of StarStone and Atrium.

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