Printer Friendly

Enstar, Stone Point close Atrium Underwriting purchase.


25 November 2013 - Bermuda-based business services provider Enstar Group Ltd (NASDAQ:ESGR) said today that together with US private equity firm Stone Point Capital LLC it had completed the USD183m (EUR135.4m) purchase of UK-based underwriting firm Atrium Underwriting Group Ltd from Bermuda-based Arden Holdings Ltd.

Atrium was bought by Alopuc Limited, an entity which is indirectly 60% owned by an Enstar unit and 40% owned by Trident V LP and its affiliated co-investment funds, which are run by Stone Point.

The deal was agreed in June this year together with the USD79.6m takeover of Arden's Bermuda-based reinsurer Arden Reinsurance Company Ltd, which was completed in September. The purchase price, which includes the payment of a USD25m pre-completion dividend, was split between the buyers in proportion to their interests in Atrium. Enstar said it had covered its part with debt.Country: UKSector: InsuranceTarget: Atrium Underwriting Group LtdBuyer: Trident V LP, Stone Point Capital LLC , Enstar Group Ltd, Alopuc LimitedVendor: Arden Holdings LtdDeal size in USD: 183mType: Corporate acquisition, LBO, StakebuildingFinancing: DebtStatus: ClosedComment: Deal size includes the payment of a USD25m pre-completion dividend.

COPYRIGHT 2013 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Geographic Code:5BERM
Date:Nov 25, 2013
Previous Article:Dubai Intl reportedly examines offload of Germany's Mauser.
Next Article:Rostelecom, Tele2 Russia mobile JV not seen to face obstacles.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters