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     146  0 Kommentare Enstar Announces Recapitalization of StarStone U.S. with New Leadership and Significant Investment led by SkyKnight Capital, Dragoneer Investment Group and Aquiline Capital Partners

    • StarStone U.S. positioned to be a market leader in the specialty property & casualty insurance markets
    • Jeff Consolino to be named CEO and Ed Noonan Executive Chairman
    • Dragoneer, SkyKnight and Aquiline’s investment to provide fresh capacity to specialty property & casualty markets, including E&S property

    HAMILTON, Bermuda, June 10, 2020 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ:ESGR) ("Enstar") announced today that it has agreed to a recapitalization of StarStone U.S. Holdings, Inc. (“StarStone U.S.” or the “Company”) led by SkyKnight Capital, L.P. (“SkyKnight”), Dragoneer Investment Group (“Dragoneer”) and Aquiline Capital Partners LLC (“Aquiline,” and together with SkyKnight and Dragoneer, the “Investors”). The Investors have committed $610 million in new equity capital which, together with the rollover of Enstar’s existing ownership, and an additional equity commitment of over $20 million from management, will increase the equity capitalization of StarStone U.S. to over $850 millionEnstar will receive a combination of cash consideration and shares in the recapitalized StarStone U.S, valued at a modest premium to book value.

    As part of the capital infusion, a new management team and Board of Directors will be appointed to StarStone U.S. Jeff Consolino will be CEO and Ed Noonan will be Executive Chairman. The new Board of Directors will include Messrs. Noonan and Consolino; Paul O’Shea and Robert Campbell from Enstar; Steve DeCarlo; Matthew Ebbel, Managing Partner of SkyKnight; Marc Stad, Managing Partner of Dragoneer; and Chris Watson, Partner of Aquiline.

    In conjunction with the capital infusion, one of Enstar’s wholly owned subsidiaries will enter into a combination loss portfolio and adverse development cover reinsurance agreement with StarStone U.S. The recapitalization is expected to close in the second half of 2020 after obtaining customary regulatory approvals.

    Dominic Silvester, CEO of Enstar, said: “This is a pivotal moment for StarStone U.S. as we reposition the Company towards specialty E&S growth. In partnership with experienced investors and a talented management team, which have built and led winning organizations, Enstar is committed to realizing StarStone U.S.’ full potential as a specialty commercial property & casualty insurer. StarStone U.S. will work with Enstar, as opportunities warrant, in our ongoing acquisition activities.”

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    Enstar Announces Recapitalization of StarStone U.S. with New Leadership and Significant Investment led by SkyKnight Capital, Dragoneer Investment Group and Aquiline Capital Partners StarStone U.S. positioned to be a market leader in the specialty property & casualty insurance marketsJeff Consolino to be named CEO and Ed Noonan Executive ChairmanDragoneer, SkyKnight and Aquiline’s investment to provide fresh capacity to …