StarStone ratings unaffected by parent company’s sale
The credit ratings of StarStone Insurance Bermuda Ltd and its subsidiary, StarStone Insurance SE of Lichtenstein, are unchanged after the announcement that their parent company, Enstar Group Ltd, is to be sold, AM Best has said.
Enstar has entered into a definitive merger agreement under which Sixth Street, the San Francisco-headquartered global investment firm, will acquire the Bermudian-based insurer for $5.1 billion, with Liberty Strategic Capital, JC Flowers & Co LLC and other institutional investors participating in the transaction.
The ratings agency said: “AM Best does not expect the transaction to result in any material changes to SIBL or SISE’s business operations or rating fundamentals.
“Support that the companies receive from their ultimate parent, Enstar, is also expected to be unaffected. Nonetheless, AM Best will continue to monitor the situation.”
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