A.M. Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of StarStone Insurance Bermuda Limited (Bermuda) and its subsidiaries (StarStone) remain unchanged following Enstar Group Limited’s (Enstar) confirmation in a Securities and Exchange Commission filing dated 18 June 2018 that it is evaluating market interest in a potential sale of StarStone, which is principally owned by Enstar and funds managed by Stone Point Capital LLC (Stone Point). Agreements between Enstar and Stone Point provide each party with various rights and obligations regarding Stone Point’s interest in StarStone.
StarStone currently enjoys significant support from its shareholders, which extends to reinsurance of discontinued and active lines, provision of management personnel and strategic support relating to acquisitions, new lines of business and other corporate developments.
A.M. Best does not view the evaluation of market interest in a potential sale as amounting to a change of rating fundamentals for StarStone. However, a sale of StarStone, if it were to occur, would introduce new considerations into A.M. Best’s building block based assessment of the company’s Credit Ratings. A.M. Best will monitor these prospective developments closely.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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