AM Best: StarStone Ratings Remain Unchanged
A.M. Best said the Financial Strength Rating of A- [Excellent] and the Long-Term Issuer Credit Rating of “a-” of StarStone Insurance Bermuda and its subsidiaries remain unchanged following Enstar Group’s confirmation in a Securities and Exchange Commission filing dated 18 June 2018 that it is evaluating market interest in a potential sale of StarStone, which is principally owned by Enstar and funds managed by Stone Point Capital LLC.
A statement from the ratings agency said, “StarStone currently enjoys significant support from its shareholders, which extends to reinsurance of discontinued and active lines, provision of management personnel and strategic support relating to acquisitions, new lines of business and other corporate developments.
“A.M. Best does not view the evaluation of market interest in a potential sale as amounting to a change of rating fundamentals for StarStone. However, a sale of StarStone, if it were to occur, would introduce new considerations into A.M. Best’s building block based assessment of the company’s Credit Ratings. A.M. Best will monitor these prospective developments closely.”
