Enstar Group and Stone Point Capital have sold Lloyd’s managing agency StarStone Underwriting Limited and the rights to operate Lloyd’s Syndicate 1301 to Inigo.
Enstar, Stone Point and Dowling funds will receive around £23m of consideration from the sale of SUL in the form of Inigo shares upon closing. In addition, Enstar and Stone Point will commit to invest up to £20m and £14m respectively into Inigo.
In conjunction with the transaction, Enstar, Stone Point and Dowling Capital will retain the economics of Syndicate 1301’s 2020 and prior years’ underwriting portfolios as this business runs off.
The Inigo investment is expected to close in late 2020 and the SUL sale is expected to close in the first half of 2021.
Dominic Silvester, CEO at Enstar, said: “This transaction optimises and capitalises on StarStone International’s assets at Lloyd’s and provides an opportunity to participate in a new venture with proven leadership at a time of favourable market conditions. This is a positive outcome for SUL, and we look forward to working with the Inigo management team as they launch this new business.”
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