Bermuda-based Enstar Group, along with affiliates of Stone Point Capital of Connecticut, has acquired Arden Reinsurance in a transaction valued at nearly $79.6m.

Around $47.8m portion of the purchase price has been financed by Enstar through its revolving credit facility.

As part of Arden Holdings, the firm provides reinsurance to Atrium Underwriting business.

The purchaser of Arden Reinsurance, Northshore Holdings, is 60% owned by an Enstar subsidiary and 40% owned by funds affiliated with Stone Point.

Earlier on 5 June 2013, Enstar signed a deal with Arden Holdings to purchase its reinsurance arm for $79.6m and Atrium Underwriting Group for $183m.

The acquisition, which is subject to regulatory approval and various customary closing, is expected to close in the fourth quarter of 2013.

Enstar and Stone Point will take 60% and 40% interests in Atrium transaction, respectively.