A.M. Best Comments on Credit Ratings of StarStone Insurance Bermuda Limited

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.

A.M. Best is the world’s oldest and most authoritative insurance
rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

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