Goldman Sachs Fund Buys New Enstar Stake
Goldman Sachs Group Inc. private equity funds are paying as much as $291.6 million for a stake in the Bermuda-based Enstar Group Ltd., according to a report on the Reuter news service.
GS Capital Partners is buying up to a 19.9 percent of Enstar, a Bermuda company which focuses on re/insurance companies and portfolios which are no longer writing new policies, known as being in “run off.”
The New York-based equity funds will also be entitled to buy another two percent of the Bermuda company through exercising warrants.
So far, Goldman Sachs funds has already invested $110.2 million in Enstar, according to Reuter.
They plan to invest additional money in at least one other deal, if regulators approve it and a third deal if Enstar shareholders approve.
Enstar, based out of offices in Windsor Place, recently added three former CIGNA affiliates and California insurer Claremont to its holdings.
