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Report: Canopius, 2 unnamed entities bid for StarStone

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Report: Canopius, 2 unnamed entities bid for StarStone

Canopius AG and two unnamed entities are in talks with Enstar Group Ltd. and Stone Point Capital LLC for the possible acquisition of specialty insurer StarStone, The Insurance Insider reported, citing sources.

The news comes a few months after the news outlet reported that Enstar and Stone Point engaged Evercore to run parallel restricted processes for StarStone and Atrium.

Enstar and Stone Point are looking to offload StarStone if an entity agrees to their reserve price. The process could come to a head by the end of July, according to the report.

Acquiring StarStone could boost Canopius' top line. For Enstar, selling the business could mean an increase in capital, which could be used for legacy deals, The Insurance Insider reported.

Enstar declined to comment, and Canopius could not be reached for comment, according the report.