The Enstar Group, Inc., based in Montgomery Ala., announced plans, together with Bermuda’s Castlewood Ltd., to acquire two reinsurance companies currently in run-off.
They will take over London-based River Thames Reinsurance Corp. Ltd. and Bermuda-based Overseas Reinsurance Corp. Ltd. from their present owners, Rivers Group Ltd. and Sedgwick Group Ltd. respectively.
Both U.K.-based subsidiaries of Marsh & McLennan.
Enstar and Castlewood have formed Revir Limited, a Bermuda holding company in which they each own 50 percent, to carry out the two proposed acquisitions.
Enstar is actively seeking more business opportunities its Chairman and CEO Nimrod T. Frazer indicated. “This venture, our second with Castlewood, expands our role in the insurance industry and our focus on managing insurance and reinsurance companies in run-off,” said Frazer. ” We are interested in finding additional run-off opportunities to pursue together.”
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