Enstar
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Susan Cross becomes an independent director and will serve on the company’s audit and risk committees.
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Start-up acquirer Marco, Enstar, Riverstone and Premia are still in the running for the assets.
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The former Hiscox CUO has $300mn of cornerstone backing from the PE firm to make a deal happen. -
The former AmTrust executive will take over as full CFO at the end of February 2021.
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The agreement, which will leave Enstar with 26% of StarStone US, fulfills a long-term ambition for Stone Point.
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.
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News of the review follows last week’s deal to sell the US business to former Validus chief Noonan.
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The legacy transaction will cover loss development at the carrier's operations, including its E&S business.
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Enstar will remain a minority investor, with PE capital also drawn from Dragoneer and SkyKnight.
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The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
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The results were impacted by an unrealised investment loss of $612.6mn.
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The carrier has agreed to reinsure legacy business underwritten by Zurich from 1 October 2015 to 30 September 2018.
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