StarStone Underwriting Limited Earmarked For Sale

According to the deal announcement, the previous owners will retain the economics of Syndicate 1301’s 2020 and prior years’ underwriting portfolios as the business runs off. Meanwhile, Enstar and Stone Point will also commit to invest as much as $27 million and $18 million, respectively, into Inigo.

“This transaction optimizes and capitalizes 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 favorable market conditions,” stated Enstar chief executive Dominic Silvester.

“This is a positive outcome for SUL, and we look forward to working with the Inigo management team as they launch this new business.”

Under the leadership of founders Richard Watson, Russell Merrett, and Stuart Bridges, Inigo will operate as a Lloyd’s specialty insurer writing what is described as a “streamlined” (re)insurance risks portfolio. Additionally, Inigo will receive certain transitional services and staff from Enstar.