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Including offshore losses of up to $1.5bn, the firm's total loss estimate ranges from $0.8bn-$1.5bn.
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The $622mn agreement is just 10 cents a share higher than Enstar's $31.00-per-share proposal. -
Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.
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The per-share price is a 35% premium to yesterday’s close.
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The Howden parent has more than doubled its valuation in the three years since CDPQ invested.
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BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".
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The funding for the deal was set to come from Cantor Fitzgerald and its billionaire CEO Howard Lutnick.
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Both companies secure more than 95% shareholder support for the transaction.
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The companies claim “overwhelming” investor support at meetings today.
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The agreement, which will leave Enstar with 26% of StarStone US, fulfills a long-term ambition for Stone Point.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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KKR described the $4.4bn deal as a “transformative event” and a “highly strategic” investment for the company.
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