Bermuda-based specialty insurer StarStone, which is seeking regulatory approval to set up as an underwriter in Australia, is owned by one of the world’s most acquisitive players, Enstar.

As insuranceNEWS.com.au reported in a Breaking News bulletin on Friday, the proposed StarStone underwriting “hub” will run alongside the parent company’s existing Australian operation.

Enstar, which traces it history back to 1993 when a predecessor company started acquiring reinsurers and insurers in run-off, is now also an active underwriter. It has had a presence in Australia since 2008.

StarStone was formed as Torus Underwriting in 2008 in London and was acquired by Enstar in 2014. Its name was changed to bring it into line with Enstar’s other insurance brands.

Australia MD Robin Barham says StarStone Australia will focus on niche marine, property, casualty and specialty business from Australia and New Zealand on behalf of StarStone’s wholly owned Lloyd’s syndicate 1301.

The company will operate in the small, middle and multinational markets and will be based in Sydney.

“I’m keen to get the brand out there and to make people aware of our capabilities,” Mr Barham told insuranceNEWS.com.au.

He says he is looking forward to recruiting Australian underwriting talent, but in the interim “we have a parent in Australia and can lean on some of their resources”.

“Australia is a highly sophisticated and mature market with a wealth of talented underwriters,” he said.

“We see exciting opportunities to increase the depth of StarStone’s current product offerings and to provide a tailored local service to existing and future clients.”

Mr Barham has 28 years of insurance experience in Australia and the UK. He came to Australia in 2006 as National Underwriting Manager Aviation, Marine, Accident and Health with Catlin.

He is also a former regional director for Australasia of Arch Underwriting at Lloyd’s and most recently co-founder and CEO of Agile Underwriting Services.

StarStone International CEO Demian Smith says the ability to offer its products in the Asia Pacific is “key to our growth strategy”.

“The opening of an underwriting operation signals our continued commitment to the region.”