The Enstar Group Acquires Reinsurer

April 2, 2003

The Enstar Group Inc. of Montgomery, Ala., announced its partially owned equity affiliate, Castlewood Holdings Limited (Castlewood Holding”), and Shinsei Bank, Limited (Shinsei) have completed the acquisition of The Toa-Re Insurance Company (UK) Limited (Toa-UK), a London-based subsidiary of The Toa Reinsurance Company, Limited, for approximately $46 million, in accordance with the terms previously announced on March 31, 2003.

The acquisition was effected through Hillcot Holdings Ltd. (Hillcot), a newly formed Bermuda company, which is jointly owned by Castlewood Holdings and Shinsei. Castlewood Holdings has a 50.1 percent economic and voting interest and Shinsei has a 49.9 percent interest in Hillcot.

J. Christopher Flowers, vice chairman of Enstar’s board of directors and Enstar’s largest shareholder, is also a director of Shinsei.

Castlewood Holdings, a Bermuda corporation, is a venture formed in 2001 to pursue the management and acquisition of insurance and reinsurance companies, including companies in run-off, and provide management, consulting and other services to the insurance and reinsurance industry.

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