IMPORTANT NEWS FOR OUR INTERNATIONAL CLIENTS

On 10 June 2020 Enstar announced that StarStone’s international operations, which consists of Lloyd’s platform, StarStone Syndicate 1301 (managed by StarStone Underwriting Ltd), StarStone Insurance SE and StarStone Insurance Bermuda Limited, will be put into immediate run-off. StarStone U.S. will remain fully operational. Renewal rights have been contributed to Atrium Underwriters Limited who manage Syndicate 609, and you should speak with your usual contacts at Atrium in this regard. Should you not have a contact at Atrium please speak with your StarStone contact who will assist. StarStone continues to evaluate additional strategic opportunities for StarStone International business not assumed by Atrium.

The StarStone Team is working closely with Enstar and regulators to ensure its international insurance operations are run-off in an orderly manner. StarStone International will remain appropriately capitalised and suitably staffed to provide a full client service and ensure the company continues to meet its obligations to policyholders.

To reassure our policyholders and clients, we would ask that you note the following:

    • 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 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.
      • StarStone subsidiaries, VdH and Arena will continue to write business unchanged whilst we investigate strategic options.
      • For our major fronted contracts, we will also continue unchanged whilst we discuss various options with them.

Throughout the run-off period, we will ensure clients and policyholders are updated accordingly.

If you have any concerns or queries about a policy underwritten by any StarStone entity, you should contact your broker in the first instance. Alternatively, please email runoff.international@starstone.com

READ ENSTAR’S MARKET ANNOUNCEMENT, HERE.

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