Atrium Underwriters Ltd
Managing Agent Name: Atrium Underwriters Limited
Subject: Notice of intended change in controller and appointment of new Non-Executive Chairman
Syndicate Affected: 609
Notice of Intended Change in Controller
Further to a press release issued on 14th August 2020, Enstar Group Limited (“Enstar”) announced an exchange agreement with Trident V, L.P. and its affiliated funds (the “Trident V Funds”) managed by Stone Point Capital LLC (“Stone Point”). The transaction will result in the Trident V Funds owning a greater share in the holding company for Atrium Underwriting Group Limited (“Atrium”) (the parent company of the Atrium managing agency) and Enstar owning a greater share in StarStone U.S. Holdings, Inc. (“StarStone U.S.”).
The transaction is conditioned upon the closing of the announced recapitalization of StarStone U.S.
The Trident V Funds will receive a portion of Enstar’s indirect interest in Northshore Holdings Ltd., the holding company for Atrium, increasing their indirect ownership interest in Atrium from approximately 36% to approximately 80%, with Enstar decreasing from approximately 54% to approximately 11% and retaining one Northshore Holdings board seat. Members of Atrium’s management team and funds managed by Dowling Capital (“Dowling”) will continue to own minority positions in Northshore Holdings.
The transaction is subject to regulatory approvals.
Appointment of Non-Executive Chairman
Further to a press release issued on 25th June 2020, Atrium Underwriters Limited, the managing agent for Lloyd’s Syndicate 609 is pleased to announce that Chris Stooke is to be appointed Non-Executive Chairman with effect from 1 January 2021.
Chris has extensive insurance and Lloyd’s experience, most recently in his role as Chairman at Chaucer, but also as a Non-Executive director at NFU Mutual and as Chief Financial Officer of Catlin Group Limited.
Chris will replace Steve Cook, who will retire, as planned, from his position as Non-Executive Chairman at the end of the year. Chris will work closely alongside Richard Harries (CEO) and the Board in the setting and execution of the Atrium strategy.
This appointment is subject to regulatory approvals.
Date issued: 15th October 2020
Agency contact name: James Smith
Agency contact no: + 44 (0)2073274877
For auction office use only: D2020002
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