Davis Polk is advising Corsair Capital as a selling shareholder in connection with the $692 million sale of Torus Insurance Holdings Limited to Enstar Group Limited and affiliates of Stone Point Capital LLC. Corsair Capital will receive both Enstar shares and cash consideration in the transaction. The transaction, which is subject to governmental and regulatory approvals and customary closing conditions, is expected to close by the end of the year.
Corsair Capital is one of the longest-standing private equity firms focused exclusively on investing in the global financial services industry. Enstar, a Bermudan company, acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry. Torus offers a diversified range of property, casualty and specialty insurance, as well as reinsurance products, to a global client base.
The Davis Polk corporate team includes partner Marc O. Williams and associate Carlo M. Caponi. Partner Neil Barr and associate Avinash Venkatesh are providing tax advice. All members of the Davis Polk team are based in the New York office.
