Sec Form 13D Filing - TRIDENT V L.P. @ Enstar Group LTD

Sec Form 13D Filing - TRIDENT V L.P. filing for Enstar Group LTD (ESGR) - 2024-08-19

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. ǂ)*

ENSTAR GROUP LIMITED

(Name of Issuer)

Ordinary Shares, par value $1.00 per share

(Title of Class of Securities)

G3075 P101

(CUSIP Number)

Jacqueline Giammarco

Stone Point Capital LLC

20 Horseneck Lane

Greenwich, CT 06830

(203) 862-2900

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

August 16, 2024

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D/A, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

ǂ	See explanatory note.

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


1		NAMES OF REPORTING PERSONS Trident V, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.


1		NAMES OF REPORTING PERSONS Trident Capital V, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.


1		NAMES OF REPORTING PERSONS Trident V Parallel Fund, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.


1		NAMES OF REPORTING PERSONS Trident Capital V-PF, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.


1		NAMES OF REPORTING PERSONS Trident V Professionals Fund, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.


1		NAMES OF REPORTING PERSONS Stone Point GP Ltd.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.


1		NAMES OF REPORTING PERSONS Stone Point Capital LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.


1		NAMES OF REPORTING PERSONS Trident Public Equity LP
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.


1		NAMES OF REPORTING PERSONS Trident Public Equity GP LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) OO
5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

*	The calculation of the foregoing percentage is based on 15,231,654 voting ordinary shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.

Explanatory Note

This filing is made jointly on behalf of Trident V, L.P. (“Trident V”), Trident Capital V, L.P. (“Trident V GP”), Trident V Parallel Fund, L.P. (“Trident V Parallel”), Trident Capital V-PF, L.P. (“Trident V Parallel GP”), Trident V Professionals Fund, L.P. (“Trident V Professionals” and, together with Trident V and Trident V Parallel, the “Trident V Funds”), Stone Point GP Ltd. (“Trident V Professionals GP” and, together with Trident V GP and Trident V Parallel GP, the “Trident V GPs”) (collectively, the “Stone Point Partnerships”), Stone Point Capital LLC (“Stone Point”), Trident Public Equity LP (“TPE LP”) and Trident Public Equity GP LLC (“TPE GP” and, together with the Stone Point Partnerships, Stone Point and TPE LP, the “Reporting Persons”) with respect to the voting ordinary shares, par value $1.00 per share (“Ordinary Shares”), of Enstar Group Limited, a Bermuda company (the “Issuer” or the “Company”), having its principal executive offices at A.S. Cooper Building, 4^th Floor, 26 Reid Street, Hamilton, HM 11 Bermuda.

This filing modifies that certain Schedule 13D filed by the Trident V Funds, Trident V GP, and Stone Point on November 15, 2013 (the “Initial Schedule 13D”), as amended by Amendment No. 1 filed (together with TPE LP and TPE GP) on November 25, 2016 (“Schedule 13D/A No. 1”), Amendment No. 2 filed (together with Trident V Parallel GP and Trident V Professionals GP) on May 15, 2018 (“Schedule 13D/A No. 2”), Amendment No. 3 filed on June 22, 2020 (“Schedule 13D/A No. 3”), Amendment No. 4 filed on May 12, 2022 (“Schedule 13D/A No. 4”) and Amendment No. 5 filed on July 31, 2024 (“Schedule 13D/A No. 5”). This filing constitutes: (i) Amendment No. 6, in respect of Trident V Funds, Trident V GP, and Stone Point; (ii) Amendment No. 5 to the initial Schedule 13D of Schedule 13D/A No. 1, as amended by Schedule 13D/A No. 2, Schedule 13D/A No. 3, Schedule 13D/A No. 4 and Schedule 13D/A No. 5, in respect of TPE LP and TPE GP; and (iii) Amendment No. 4 to the initial Schedule 13D/A of Schedule 13D filed as Schedule 13D/A No. 2, as amended by Schedule 13D/A No. 3, Schedule 13D/A No. 4 and Schedule 13D/A No. 5, in respect of Trident V Parallel GP and Trident V Professionals GP.

The Initial Schedule 13D, as amended by Schedule 13D/A Nos. 1, 2, 3, 4 and 5 and modified by this filing, is referenced herein as the “Schedule 13D/A,” which remains unchanged, except as specifically amended by this filing in respect of the respective filers described in the foregoing paragraph.

Capitalized terms used but not defined herein shall have the respective meanings defined in the Schedule 13D/A as previously amended.

Item 5. Interest in Securities of the Issuer

Items 5(a) through (b) are hereby amended and restated in their entirety to read as follows:

The following disclosure is based on 15,231,654 Ordinary Shares outstanding as of July 30, 2024, as disclosed in the Issuer’s Form 10-Q filed on July 31, 2024.

Pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended, each of the following Reporting Persons may be deemed to beneficially own an aggregate of 1,451,196 Ordinary Shares held by or held for TPE LP, representing approximately 9.5% of the Ordinary Shares outstanding:

(i)

Each of the Trident V Funds, which has shared voting and dispositive power with respect to such shares;

(ii)

Trident V GP, in its capacity as sole general partner of Trident V;

(iii)

Trident V Parallel GP, in its capacity as sole general partner of Trident V Parallel;

(iv)

Trident V Professionals GP, in its capacity as sole general partner of Trident V Professionals;

(v)

Stone Point, in its capacity as the manager of each of the Trident V Funds; and

(vi)

TPE GP, in its capacity as sole general partner of TPE LP.

As further described in Item 2, pursuant to certain management agreements, Stone Point has been delegated authority by Trident V GP, Trident V Parallel GP and Trident V Professionals GP to exercise shared voting rights with respect to the aggregate of 1,451,196 Ordinary Shares on behalf of Trident V, Trident V Parallel and Trident V Professionals, respectively, but Stone Point does not have any power with respect to disposition of Ordinary Shares held by or held for each of the Trident V Funds. Pursuant to TPE LP’s limited partnership agreement, any action by TPE LP, including any action with respect to the Ordinary Shares reported herein, must be approved by a unanimous vote of the limited partners of TPE LP. Therefore, each of the Trident V Funds may be deemed to beneficially own any shares directly beneficially owned by TPE LP. Due to a clerical error, Schedule 13D/A No. 5 inadvertently reported that the Reporting Persons beneficially owned 1,451,916 Ordinary Shares (rather than 1,451,196 Ordinary Shares) as of the date of such report. No transactions in the Ordinary Shares have been effected by the Reporting Persons since the filing of Schedule 13D/A No. 5.

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6 is hereby amended and supplemented by adding the following information:

On August 16, 2024, TPE LP (and TPE GP as general partner of TPE LP) entered into a credit facility, pursuant to which all of the Ordinary Shares held by it were pledged, among other assets, as collateral to secure its payment obligations under a customary margin loan agreement.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


Date: August 19, 2024		TRIDENT V, L.P.

		By:	Trident Capital V, L.P., its sole general partner
		By:	DW Trident V, LLC, a general partner

		By:	/s/ Jacqueline Giammarco
		Name:	Jacqueline Giammarco
		Title:	Vice President

	&#x A0;	TRIDENT CAPITAL V, L.P.

		By:	DW Trident V, LLC, a general partner

		By:	/s/ Jacqueline Giammarco
		Name:	Jacqueline Giammarco
		Title:	Vice President

		TRIDENT V PARALLEL FUND, L.P.

		By:	Trident Capital V-PF, L.P., its sole general partner
		By:	DW Trident V, LLC, a general partner

		By:	/s/ Jacqueline Giammarco
		Name:	Jacqueline Giammarco
		Title:	Vice President

		TRIDENT CAPITAL V-PF, L.P.

		By:	DW Trident V, LLC, a general partner

		By:	/s/ Jacqueline Giammarco
		Name:	Jacqueline Giammarco
		Title:	Vice President

		TRIDENT V PROFESSIONALS FUND, L.P.

		By:	Stone Point GP Ltd., its sole general partner

		By:	/s/ Jacqueline Giammarco
		Name:	Jacqueline Giammarco
		Title:	Vice President


				STONE POINT GP LTD.

				By:		/s/ Jacqueline Giammarco
				Name:		Jacqueline Giammarco
				Title:		Vice President

				STONE POINT CAPITAL LLC

				By:		/s/ Jacqueline Giammarco
				Name:		Jacqueline Giammarco
				Title:		Chief Compliance Officer

				TRIDENT PUBLIC EQUITY LP

				By:		Trident Public Equity GP LLC, its general partner

				By:		/s/ Sally DeVino
				Name:		Sally DeVino
				Title:		Vice President

				TRIDENT PUBLIC EQUITY GP LLC

				By:		/s/ Sally DeVino
				Name:		Sally DeVino
				Title:		Vice President

NUMBER OF

SHARES BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

None

SHARED VOTING POWER

1,451,196

SOLE DISPOSITIVE POWER

None

SHARED DISPOSITIVE POWER

1,451,196