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Castlewood and Shinsei plan to buy Toa Re UK.
(From Insurance Day)
Byline: Richard Banks
BERMUDA'S Castlewood and the Japanese Shinsei Bank are planning to acquire the UK operations of Toa Re through a joint venture, according to reports.
Toa Re's London operations stopped writing new business in 1994, but the firm has since been operating as a run-off management company. The Castlewood/Shinsei Bank acquisition, said to be worth several tens of millions of dollars, would see Castlewood take a 50.1% stake in the company, with the Japanese bank holding the balance. Analysts have noted this ...
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