Starstone

Inigo completes acquisition of Syndicate 1301

Newly launched specialty (re)insurance start-up Inigo Limited has completed the previously announced acquisition of Lloyd’s managing agency StarStone Underwriting Limited (SUL) as well as its managed Syndicate 1301 from Enstar and Stone Point Capital.

Core Specialty adds Aspen’s Kotch as CIO

Core Specialty has hired Mary Kotch from Aspen as the rebooted StarStone US platform continues to build out its ranks.

Core Specialty ratings removed from under review by AM Best

The ratings of StarStone Specialty Insurance Company and StarStone National Insurance Company, collectively called Core Specialty, have been removed from under review with developing implications by AM Best.

Core Specialty opens for business after StarStone US completes recap

Specialty P&C carrier Core Specialty Insurance Holdings has officially launched following the $900mn recapitalisation of StarStone US Holdings.

McGill and Partners adds StarStone Lloyd’s CEO Schnorr to treaty team

McGill and Partners has appointed Simon Schnorr as a partner in its treaty team as the broker looks to build out its energy and marine reinsurance offering.

Watson start-up Inigo agrees deal to buy StarStone Lloyd’s platform

Richard Watson’s specialty (re)insurer Inigo Limited has agreed a deal to buy Lloyd’s managing agency StarStone Underwriting Ltd (SUL) and the rights to operate Syndicate 1301 from Enstar and Stone Point, which will take a stake in the start-up alongside Dowling.

Profits jump at Enstar on strong investment performance

Enstar reported third-quarter net profits that surged from $117.7mn to $615.0mn and operating profits that climbed from $32.7mn to $574.4mn driven by strong investment gains in its non-life run-off segment, while Atrium and StarStone returned to underwriting profit.

Argo Syndicate 1200 enters political violence and war with triple StarStone hire

Argo is to start underwriting political violence and war through its ArgoGlobal Lloyd’s unit following a triple hire from StarStone.

Catalina swoops on StarStone for Bermuda CEO

Apollo-backed legacy specialist Catalina has taken StarStone’s chief risk officer Sarah Ruberry to lead its flagship Bermuda-based reinsurer, Catalina General.

AM Best changes under review status of Starstone US units’ ratings

After receiving additional business plan information, AM Best has changed the under review status on its A- ratings of two US subsidiaries of Starstone to developing from negative.

StarStone US brings in ex-Velocity CUO Oliphant as E&S property president

StarStone US has brought in Alison Oliphant as president of its newly-formed excess & surplus (E&S) property division.

StarStone premiums drop in Q2 as aerospace and marine portfolios shrink

Enstar recorded close to $20mn of Covid-19 claims in the second quarter across its two live underwriting platforms, StarStone and Atrium.

Enstar completes $200mn Hannover Re APH legacy deal and agrees $130mn StarStone ADC

Enstar is to provide a $130mn adverse development cover (ADC) as part of the carve-out and PE-backed recapitalisation of StarStone US, the Bermudian legacy heavyweight confirmed today.

Enstar considers “strategic options” for run-off StarStone International

Legacy-to-live powerhouse Enstar confirmed it is considering “strategic options” for its StarStone International operations after the Bermudian disclosed plans to put the unit into run-off.

AM Best puts StarStone US ratings under review

AM Best has put the A- financial strength ratings of the US platform of StarStone being relaunched with $850mn of capital under review with negative implications.

Enstar provides $130mn ADC to rebooted StarStone US platform

Live-to-legacy carrier Enstar is entering into a loss portfolio transfer and adverse development cover (ADC) providing a $130mn cap on reserve deterioration to the StarStone US entities that are being rebooted with PE backing.

StarStone International goes into run-off as Atrium gets renewal rights

StarStone’s international business will go into run-off with renewal rights to the book transferred to Enstar stablemate Atrium, which manages Lloyd’s Syndicate 609.

Enstar confirms StarStone US relaunch with >$850mn capital

Enstar Group has confirmed a deal to recapitalise StarStone US that includes $610mn of private equity backing and management led by former Validus colleagues Jeff Consolino and Ed Noonan to target specialty P&C markets, including E&S property.

AFG confirms Consolino exit

American Financial Group (AFG) has confirmed that EVP and CFO Jeff Consolino is leaving the company after The Insurer revealed earlier today that the executive is set to reunite with Ed Noonan at StarStone US, which is being rebooted with new PE backers and $850mn of capital.

Enstar relaunches Starstone US with new PE investment

Enstar is relaunching its live carrier StarStone US with $850mn of capital as the industry continues to reposition to take advantage of market conditions, The Insurer can reveal.

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