Enstar Group Limited (NasdaqGS:ESGR) signed an exchange agreement to acquire additional unknown minority stake in StarStone US Holdings Inc. from Trident V, L.P., Trident V Professionals Fund, L.P and Trident V Parallel Fund, L.P. (Trident V Funds) of Stone Point Capital LLC on August 13, 2020. In the exchange, Enstar will acquire all of the Trident V Funds’ interest in the recapitalized StarStone U.S., resulting in Enstar having approximately 26% of the ownership of StarStone U.S. following the completion of the recapitalization and exchange transactions. 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%. Members of Atrium’s management team and funds managed by Dowling Capital will continue to own minority positions in Northshore Holdings. Upon the closing of the Exchange Transaction, the Trident V Funds will not own any interest in Core Specialty and are expected to own approximately 80% of Northshore, and the Dowling Funds will own approximately 0.5% of Core Specialty and retain their approximately 1.6% interest in Northshore. The Exchange Transaction will have no impact on the ultimate ownership of SSHL, which will own StarStone International, with Enstar, the Trident V Funds and the Dowling Funds retaining their current ownership interests in SSHL of 59.0%, 39.3% and 1.7%, respectively. Enstar will continue retaining one Northshore Holdings' Board seat. Enstar, Trident V Funds and Dowling will retain their respective ownership interests in StarStone’s non-US operations partnering in the run-off of this business. The deal is subject to regulatory approvals and is also conditioned upon the closing of the previously announced recapitalization of StarStone U.S., pursuant to which a new management team and Board of Directors will be appointed and new investors will be brought in to increase its total equity capitalization to over $850 million, with an Enstar subsidiary reinsuring legacy reserves. This change will have no operational impact on Atrium. The transaction is expected to close in the first half of 2021. Steve Seidman, Sean Ewen as lead partners with partners, Allison Tam, Nicholas Bugler, Russell Pinilis and associate Tej Prakash of Willkie Farr & Gallagher LLP represented Stone Point. Bob Juelke of Hogan Lovells US LLP acted as legal advsior to Enstar Group Limited. Enstar Group Limited (NasdaqGS:ESGR) completed the acquisition of additional unknown minority stake in StarStone US Holdings Inc. from Trident V, L.P., Trident V Professionals Fund, L.P and Trident V Parallel Fund, L.P. (Trident V Funds) of Stone Point Capital LLC on January 1, 2021.