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     119  0 Kommentare Enstar and Stone Point Capital Announce Exchange Transaction Involving Atrium and StarStone U.S.

    HAMILTON, Bermuda, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) (“Enstar”) today announced an exchange agreement with Trident V, L.P. and its affiliated funds (the “Trident V Funds”) managed by Stone Point Capital LLC (“Stone Point”). Subject to regulatory approvals, the transaction will result in Enstar owning a greater share in StarStone U.S. Holdings, Inc. (“StarStone U.S.”) and the Trident V Funds owning a greater share in the holding company for Atrium Underwriting Group Limited (“Atrium”).

    The transaction is conditioned upon the closing of the previously announced recapitalization of StarStone U.S., pursuant to which a new management team and Board of Directors will be appointed and new investors will be brought in to increase its total equity capitalization to over $850 million, with an Enstar subsidiary reinsuring legacy reserves.

    In the exchange, Enstar will acquire all of the Trident V Funds’ interest in the recapitalized StarStone U.S., resulting in Enstar having approximately 26% of the ownership of StarStone U.S. following the completion of the recapitalization and exchange transactions.

    The Trident V Funds will receive a portion of Enstar’s indirect interest in Northshore Holdings Ltd., the holding company for Atrium, increasing their indirect ownership interest in Atrium from approximately 36% to approximately 80%, with Enstar decreasing from approximately 54% to approximately 11% and retaining one Northshore Holdings board seat. Members of Atrium’s management team and funds managed by Dowling Capital (“Dowling”) will continue to own minority positions in Northshore Holdings.

    Enstar, the Trident V Funds and Dowling will retain their respective ownership interests in StarStone’s non-US operations (“StarStone International”), partnering in the run-off of this business. 

    The Trident V Funds continue to own approximately 9% of Enstar Group Limited’s ordinary voting shares.

    Dominic Silvester, Enstar’s Chief Executive Officer, said: “This transaction deepens our successful relationship with Stone Point, which has been a valued partner of Enstar for two decades. Enstar is ideally placed to capitalize on the increasing flow of large, attractive legacy opportunities, and will remain invested in high-quality live underwriting businesses with proven leadership, such as Atrium and StarStone U.S., through meaningful minority stakes and alongside trusted equity partners.” 

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    Enstar and Stone Point Capital Announce Exchange Transaction Involving Atrium and StarStone U.S. HAMILTON, Bermuda, Aug. 14, 2020 (GLOBE NEWSWIRE) - Enstar Group Limited (NASDAQ: ESGR) (“Enstar”) today announced an exchange agreement with Trident V, L.P. and its affiliated funds (the “Trident V Funds”) managed by Stone Point Capital LLC …