Torus Announces Rebranding to StarStone
Sep 14, 2015
LONDON, Sept. 14, 2015 (GLOBE NEWSWIRE) -- Torus, the global specialty insurer, today announces that it is changing its name to StarStone with immediate effect. The Company is also unveiling its new logo and brand identity.
The Company's holding company name has changed to StarStone Insurance Holdings Limited. Its six insurance platforms in the Lloyd's and London markets, Continental Europe and the United States, as well as its other group companies, are in the process of being renamed to incorporate the StarStone brand. This process is expected to be completed in January 2016.
Nick Packer, Chairman and Group CEO at StarStone, said: "Together with our major shareholders, Enstar Group Limited and Stone Point Capital, we are excited to announce our rebranding to StarStone. Since our change in ownership in April 2014, we have made significant progress by strengthening our management team and reorganising areas of our business. This was recognised by A.M. Best when reaffirming our A- rating. As part of that journey the time is right to launch a new brand that signals our shareholders' continuing commitment and best reflects who we are today.
We are committed to delivering the same high levels of service to our clients with a new brand that underlines our position within Enstar Group and the strength of our combined partnership."
As StarStone, the business approach and organisational values of the company remain unchanged. Its leadership, underwriting and service teams are in place as the group continues to focus on delivering specialty insurance products to its global client base.
StarStone Insurance Holdings Limited is an international, A- rated insurance group with six wholly owned insurance platforms, including Lloyd's Syndicate 1301. StarStone underwrites business across the Property, Specialty and Casualty risk classes from operations in London, Continental Europe and the US. StarStone is a trading name of the Torus group of companies. StarStone is owned by Enstar Group Limited, the Trident V funds managed by Stone Point Capital LLC and Dowling Capital Partners I, L.P. For further information about StarStone, see www.starstone.com.
Enstar Group Limited and its operating subsidiaries acquire and manage diversified insurance businesses through a network of service 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 65 companies and portfolios since its formation in 2001. Enstar's active underwriting businesses include the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd's Syndicate 609, and the StarStone group of companies. 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.
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 may be found under the heading "Risk Factors" in Enstar's Form 10-K for the year ended December 31, 2014 and Form 10-Q for the fiscal quarter ended June 30, 2015, 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 expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.
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