IMPORTANT NEWS FOR OUR INTERNATIONAL CLIENTS
On Wednesday 10 June 2020, Enstar announced that following a strategic review, StarStone International and its operating companies will stop writing new and renewal business. This means that Lloyd’s Syndicate 1301 (managed by StarStone Underwriting Ltd), StarStone Insurance SE and StarStone Insurance Bermuda Limited, are being placed into run-off.
The StarStone International Team is working closely with Enstar and regulators to ensure its insurance operations are run-off in an orderly manner.
To reassure our policyholders and clients, we would like to reiterate the following:
- All policies underwritten by StarStone International will be honoured as per their terms and conditions and any open claims or matters arising are unaffected
- StarStone International will remain appropriately capitalised by Enstar
- StarStone International will maintain operations and associated resource to provide a full client service and ensure the company continues to meet its obligations to policyholders
As a StarStone policyholder or client, we understand you may have some questions during this time. We have tried to answer some of the more common questions here, but if there’s anything else you need to know, please contact your broker in the first instance. If you have an endorsement, please contact firstname.lastname@example.org
Q: Will StarStone continue to support a full client service?
A: Yes. StarStone will maintain operations and associated resource to provide a full client service:
- All policies underwritten by StarStone International will be honoured as per their existing terms and conditions
- There will be no change to the level of service policyholders received previously
- All new and open valid claims will be honoured
- Whilst no longer accepting any new or renewal business; any valid quotes or binding indications issued prior to 11 June 2020, 09.00 BST, 10.00 CET, 04:00 ET by Syndicate 1301, SISE and SIBL will be honoured
- All existing agreements and contracts will be honoured as per their agreed terms and conditions until their contractual conclusion/termination
- Where applicable, contracts will be terminated under the terms of the contract or by mutual agreement
Q: What happens to existing claims?
A: There is no impact to Claims. They will continue to be processed within existing SLAs and our current claims ethos remains. We will provide a claims service that is underpinned by professional staff who deliver a transparent, consistent outcome with upmost honesty and integrity.
Q: Will new claims still be honoured?
A: Yes. We would like to reassure our policyholders and clients that any valid open claims, or matters arising, are unaffected by this announcement and they will continue to be managed in the normal way. StarStone’s claims experts will continue to deliver an efficient and responsive service leading to an early resolution and prompt payment for all valid claims.
Q: I have an endorsement, what should I do?
A: Please contact the appropriate line of business on one of the email addresses below:
Energy – email@example.com
Treaty – firstname.lastname@example.org
Marine – email@example.com
Crisis Management & Political Risk – firstname.lastname@example.org
Construction – email@example.com
Property – firstname.lastname@example.org
Q: I need to make a payment, who should I contact?
A: Please continue to contact your normal payment processing contact and also cc. email@example.com.
Q: I am a coverholder, do I still need to make Bordereau submissions?
A: As a coverholder with delegation of authority from StarStone International, Bordereaux submission will continue to be processed in the usual way. From 10 August 2020, if you have a bordereaux submission or query and your normal contact is unavailable, please direct this to firstname.lastname@example.org.
Q: My usual underwriting contact is no longer with the business, what now?
A: Please contact the appropriate line of business on one of the email addresses below and we will get back to you within our normal SLAs.
Q: When is the run-off effective date?
A: StarStone stopped accepting new and renewal business effective 11 June 2020 (09.00 BST | 10.00 CET | 04.00 ET).
Q: How do I log a complaint?
A: All complaints are to be notified to the Compliance team, via email@example.com no later than one working day following receipt, along with all supporting documentation (such as letter, telephone note or meeting file note). No admission of liability on the part of StarStone or its employees can be made until advised by the Compliance team.
Q: I still have a question, who should I contact?
A: Please send your enquiries and questions to firstname.lastname@example.org.