Enstar subsidiary takes ownership of StarStone Specialty

Kenmare Holdings, a wholly owned subsidiary of Enstar Group, entered into a purchase agreement with Trident V, L.P. along with their affiliated funds, Dowling Capital Partners I, L.P. and Capital City Partners, to acquire all of the remaining common shares of StarStone Specialty that were not already owned by Kenmare.

As part of the transaction, Kenmare acquired the 41% interest in StarStone previously held by Trident and Dowling, resulting in whole ownership of StarStone.

Total consideration paid by Kenmare in the transaction was $182.3 million, which pursuant to the agreement comprised a cash payment of $119 million and Kenmare’s 13.5% interest in Northshore Holdings Limited, the parent company of Atrium Underwriting Group Limited and its subsidiaries.