Sale of Lloyd’s managing agency and syndicate is finalized
Lloyd’s managing agency StarStone Underwriting Limited and Lloyd’s Syndicate 1301 are now owned by new specialty (re)insurance holding company Inigo Limited.
Read more: StarStone Underwriting earmarked for sale
Announcing the completion of the $30 million sale, Enstar Group Limited and Stone Point Capital LLC said they have retained the liabilities of Syndicate 1301’s 2020 and prior underwriting years of account.
It was noted that the years of account will be transferred through reinsurance to close into Enstar’s legacy Syndicate 2008.
Also, as previously announced, Enstar and Stone Point are investing up to $27 million and $18 million, respectively, in Inigo. Enstar will get a 5.4% equity ownership in the new business; Stone Point, 3.6%.
The $30 million deal consideration, part of which was received by Dowling Capital Partners, came in the form of Inigo shares.