ENSTAR’S STARSTONE US UNIT IS RECAPITALISED AND GETS NEW TEAM

Bermudian underwriting and run-off specialist Enstar Group has reached an agreement with US investment firms SkyNight Capital, Dragoneer Investment Group and Aquiline Capital Partners to recapitalise its StarStone US Holdings commercial insurance unit with a capital injection of $610m. Together with a $20m commitment from management, the equity capitalisation of StarStone US will rise to more than $850m. StarStone US will also gain a new management team and board of directors. Former AIG executive vice-president and chief financial officer Jeff Consolino is to serve as chief executive and former Validus chairman and chief executive Ed Noonan will serve as executive chairman. The two will serve on the StarStone US board with Paul O’Shea and Robert Campbell of Enstar; Steve DeCarlo; SkyNight managing partner Matthew Ebbel; Dragoneer managing partner Marc Stad; and Aquiline partner Chris Watson.