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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