Enstar
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The legacy firm will create a Cayman Islands-based entity capitalized with up to $500mn under the agreement.
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Idea that Catalina could look to derail Enstar LPT with injunction also dismissed by sources.
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Maiden Holdings' recent struggles continued with its third quarter results highlighting yet further losses.
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Enstar partnered with the Stone Point-managed Trident V funds to contribute the additional capital.
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StarStone's combined ratio remains above 100%.
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The former Validus executive takes over from Demian Smith following parent Enstar’s decision to end a sale process for the company. -
The agreement for the casualty facultative reinsurance business comes after up-for-sale Maiden struck deals with Enstar and TransRe.
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Enstar and Catalina have made approaches to buy the remainder of Maiden.
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The spike occurred after this publication reported Maiden’s board had retained Bank of America Merrill Lynch to run a formal sales process for the company.
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The executive replaces Demian Smith, who recently left the Enstar- and Stone Point-owned specialty insurer.
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The duo will continue as owners of their active underwriter businesses.
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The run-off book is said to hold around $500mn in reserves.
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