London: 12 June 2017: StarStone, the global specialty insurer, today announces the appointment of Rod O’Malley as of Head of Cargo in London.
O’Malley will report to Simon Schnorr, Global Head of Marine, and joins in July from XL Catlin, where he most recently served as Head of the UK Cargo team and Senior Class Underwriter. He has more than 35 years’ experience as a Marine Cargo Underwriter, having worked extensively in both the Lloyd’s and company markets in London. StarStone’s current London Cargo Underwriter Henry Wood has been promoted to Senior Underwriter and will work closely with O’Malley to expand StarStone’s Cargo book.
Schnorr said: “Rod joins us to build on StarStone’s strong existing cargo foundations in London. His considerable experience and market standing will help further fortify StarStone’s cargo offering and ensure our continued success in developing new opportunities, both in London and globally.”
LONDON: 02 May 2017 – StarStone, the global specialty insurer, today announces the appointment of Jeff Herman as Global Head of Accident & Health.
Herman, who will report to US CEO Norman Brown and Group CUO David Message, joins immediately and brings more than three decades of industry experience to StarStone. He previously served as Global Head of Accident & Health at CV Starr. His appointment reinforces StarStone’s commitment to grow its global A&H business, written through StarStone’s global insurance platforms and Lloyd’s Syndicate 1301. Herman will be based in New York and will work closely with StarStone’s existing A&H teams in London and Brussels.
Demian Smith, Chief Executive Officer of StarStone, said: “This appointment demonstrates the appeal of StarStone and the broader Enstar Group as an employer of choice for high-calibre individuals. It gives me great pleasure to welcome Jeff to our Group. Throughout his career, he has continually exhibited the market knowledge, client service, underwriting discipline and expertise that are the cultural cornerstones of StarStone’s continued success.”
NEW YORK: 5 April 2017 – StarStone, the global specialty insurer, today announced it has been named by research and advisory firm, Celent, as a 2017 Model Insurer in the Data Mastery and Analytics category. Judges recognized the insurer’s exponential leap in using Artificial Intelligence through Intellect SEEC’s Risk Analyst platform to materially reduce loss ratios and improve profitability across key portfolios.
Focused initially on StarStone’s online ESCAPE and traditional Excess Casualty platforms, the implementation reduced underwriting decision-making time, enabling more accurate and consistent underwriting which will lead to significant potential savings in claim and expense costs. Further gains are expected as StarStone implements Intellect SEEC’s Artificial Intelligence into other underwriting portfolios.
The dramatic results and StarStone’s insight in harnessing technological innovation to improve the efficiency and robustness of the business, while increasing broker engagement, were key in the Celent judging panel’s decision.
Norman Brown, Chief Executive Officer of StarStone US, said: “To be recognized as a Model Insurer by Celent is an honor and further affirms industry demand for solutions driven by exponential technology. The Intellect Risk Analyst initiative very quickly improved our view of risk, risk selection and efficiency, leading to anticipated increases in underwriting profit. I would like thank our team and Intellect SEEC for their dedication to this initiative. We are only just scratching the surface in terms of what this technology can do for our business in the future.”
Pranav Pasricha, CEO Intellect SEEC said: “Congratulations to StarStone. This accomplishment is a testament to our aim of improving risk selection and assessment in the industry by using non-traditional data sources and leveraging the growing capability of Artificial Intelligence. With AI we can instantly analyze much more data to be a lot more precise in underwriting and pricing, which is simply not possible with traditional means. We are confident these technologies are set to fundamentally disrupt traditional underwriting.”
27 February 2017 – LONDON: StarStone, the global specialty insurer and subsidiary of Enstar Group Limited (Enstar), today announced net earnings including non-controlling interests of US$42.8m for the year ended December 31, 2016, as reported by Enstar.
Full year financial highlights
- Net earnings of $42.8 million (2015: $23.2 million)
- Net loss ratio of 59.7% (2015: 57.4%)
- Combined ratio of 98.6% (2015: 98.6%)
- Gross written premium of $855 million (2015: $825 million)
- Investments results of $27.9m (2015: $6.2m)
- Continued disciplined underwriting focus with further improvement in year-on-year result
- Despite challenging market net loss ratio remains below 60%
- Improvement in operating expense ratio drives consistent combined ratio
- Strong profit contributions, in particular from Marine Liability, Offshore Energy and Terrorism lines as well as US Excess Casualty portfolio which is distributed through StarStone’s award-winning broker portal, ESCAPE
- Actively managed market cycle by growing business lines where pricing adequate while shrinking in lines where rates are under significant pressure
- Invested in further operational efficiencies including new policy, claims and administration systems
- Continued Stable outlook from A.M. Best
Demian Smith, Group Chief Executive Officer of StarStone, said:
“In a challenging market, StarStone continued to develop its niche specialty expertise and increase its distribution footprint while retaining the focus and discipline required to maintain underwriting profitability. The diligence and focus of our staff in servicing our clients while seeking areas of long-term profitability remains our primary focus. Our improved profits, in a very difficult market, is testament to the efforts of my colleagues in StarStone and the wider Enstar Group in transforming StarStone since we were acquired in April 2014. With no immediate signs of improvement in the pricing environment we continue to focus on doing the basics well, delivering for our clients, underwriting for profit not scale, and management of expenses.”
Enstar is a multi-faceted insurance group that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar is a market leader in completing legacy acquisitions, having acquired over 75 companies and portfolios since its formation in 2001, and has over $12 billion in total assets. Enstar’s active underwriting businesses include the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. For further information about Enstar, see www.enstargroup.com.
ABOUT STONE POINT CAPITAL
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, Connecticut. The firm has raised six private equity funds – the Trident Funds – with aggregate committed capital of approximately $13 billion. In addition to the capital invested by the Trident Funds, Stone Point Capital has secured approximately $7 billion of equity co-investments since 2001. Stone Point Capital targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point Capital, see www.stonepoint.com.
ADDITIONAL INFORMATION AND NON-GAAP FINANCIAL MEASURES
This press release refers to certain financial information of Enstar. For complete financial information regarding Enstar, refer to its annual report on Form 10-K filed with the SEC on February 24, 2016, which can be found at www.enstargroup.com/financials.cfm. StarStone was acquired April 1, 2014 and is owned by StarStone Specialty Holdings Limited (“StarStone Holdings”), an entity owned 59% by Enstar, with the Trident Funds owning 39.3% and Dowling Capital Partners owning 1.7%. Net earnings attributable to Enstar for its ownership interest in StarStone’s were $25.2 million and $13.7 million for the years ended December 31, 2016 and 2015.
The loss ratio and combined ratio for StarStone are non-GAAP financial measures, which may be defined or calculated differently by other companies. There are no comparable GAAP measures to StarStone’s loss ratio and combined ratio. The ratios exclude expense and net premiums earned amounts related to StarStone Holdings, which we believe is the most meaningful presentation because these amounts are not incremental and/or directly related to the individual underwriting operations. For more information on these non-GAAP financial measures, refer to “Item 7. Management’s Discussion and Analysis – Non-GAAP Financial Measures” in Enstar’s Annual Report on Form 10-K for the year ended December 31, 2016.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar, StarStone and their respective management teams. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading “Risk Factors” in Enstar’s Form 10-K for the year ended December 31, 2016 and are incorporated herein by reference. Furthermore, Enstar and StarStone undertake no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.
Chris was appointed CEO StarStone International and Deputy Group CEO in April 2019. He joined the Board as Executive Chairman in August 2018 before assuming the newly created role of President in October 2018 to spearhead StarStone’s execution and operational capabilities. Prior to joining StarStone, he was Group CFO for MS Amlin plc, having joined as Director of Finance. He previously served as Commercial Director and CFO at NHBC and as Group Chief Accountant at RSA Group plc where he also held a number of regional CFO positions. A member of the Institute of Chartered Accountants in England and Wales, Chris holds a BA in Economics.
Dubai/ London: 23 January 2017: StarStone, the global specialty insurer and subsidiary of Enstar Group Limited, today announces a joint venture partnership with Malakite Underwriting Partners Limited (Malakite) a Managing General Agent in Dubai, subject to regulatory approval.
Led by Managing Partner Giles Hussey, Malakite will target specialty business in the MENA region and initially offer flexible multi-class insurance for energy, marine and property terrorism risks. Lloyd’s Syndicate 1301, managed by StarStone Underwriting Limited, will be Malakite’s lead capacity provider, with the remainder supplied by other participating Lloyd’s syndicates.
Hussey joins from Swiss Re with more than 14 years of experience in the Middle East, where he served as Head of MENA, Swiss Re Corporate Solutions. Before that Hussey was CEO, Middle East & Asia at Lancashire Insurance following an extensive broking career with JLT and Marsh.
Tim Fillingham, Chief Executive Officer of StarStone Insurance Services Limited, and Simon Schnorr, StarStone’s Global Head of Marine, will join the Board of Malakite, assuming the additional roles of Chairman and Director, respectively.
Fillingham said: “The competitive market has created a dynamic environment for flexible carriers with the ambition and expertise to build new businesses. With a MENA presence in Malakite, StarStone and its partners can swiftly deploy their capabilities across key growth markets while at the same time move closer to clients.
“Having the right people in place breeds success and Giles, with his impressive track-record and insurance acumen, brings local connections that will be instrumental in developing this new venture.”
Hussey added: “Giving clients access to flexible capacity, specialty expertise and locally-relevant solutions is a founding principle of Malakite. This, combined with the operational capability and financial strength of Lloyd’s, will provide clients in the region with the very best the market has to offer.”
Launched in 2016, Malakite is a multi-line Middle East and Africa-focused independent specialty insurance underwriting company, delivering a range of energy, marine and property terrorism solutions from its central hub in Dubai. Malakite benefits from the operational support of global specialty insurer, StarStone.