Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
- Peter Lynch
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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 persons 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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
1,451,196 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
2
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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
1,451,196 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
3
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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
1,451,196 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
4
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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
1,451,196 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
5
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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
1,451,196 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
6
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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
1,451,196 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
7
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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
None |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
8
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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
1,451,196 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
9
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 |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
1,451,196 | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
1,451,196 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,451,196 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%* | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO |
* | 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 Issuers Form 10-Q filed on July 31, 2024. |
10
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, 4th 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 Issuers Form 10-Q filed on July 31, 2024.
11
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 LPs 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.
12
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 | |||||
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 |
13
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 |
14