A.M. Best Affirms Ratings of StarStone Insurance Bermuda Limited and Its Subsidiaries
StarStone has been owned by Enstar Group Limited (Enstar) and the Trident Funds funds, managed by
StarStone benefits from strong risk-adjusted capitalisation on a consolidated basis and for each rated operating company. StarStone
An underwriting profit was achieved in 2015, and performance over 2014 and 2015 has been broadly in line with expectations. However, StarStone’s historical consolidated financial performance previously was weak with underwriting losses each year from 2010 to 2014. Also, the 2014 and 2015 underwriting results benefited from the LPT with Fitzwilliam. Management, supported by the group’s new owners, is committed to further improving financial performance. Action has been taken to achieve significant expense savings, and underperforming lines have been discontinued.
Since its launch in 2008, StarStone has built scale through a combination of acquisitions of teams and businesses, and organic growth. As a result, StarStone now writes a diversified specialist portfolio from operations in
This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page.
Copyright © 2016 by A.M. Best Rating Services, Inc. ALL RIGHTS RESERVED.
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