Enstar

Enstar partnered with the Stone Point-managed Trident V funds to contribute the additional capital.

StarStone's combined ratio remains above 100%.

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.

Enstar and Catalina have made approaches to buy the remainder of Maiden.

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.

The executive replaces Demian Smith, who recently left the Enstar- and Stone Point-owned specialty insurer.

The duo will continue as owners of their active underwriter businesses.

The run-off book is said to hold around $500mn in reserves.

The two parties are understood to be nearing an agreement on the sale of £1.6bn of Zurich’s legacy UK employers’ liability exposures.

With the recent push from Lloyd’s to remediate the market’s ailing profitability, it’s widely expected that the legacy market will see greater reinsurance-to-close (RITC) deal flow in the months to come.

Maiden shares drop again after tumbling earlier in the week following M&A details.