A newly formed Bermuda company has bought the UK subsidiary of Japanese reinsurer Toa Reinsurance Company for $46 million. Hillcot Holdings Ltd. was formed by Bermuda-registered Castlewood Holdings Ltd. and Japan's Shinsei Bank Ltd. Castlewood has 50.1 percent of the shares in Toa Re while Shinsei has 49.9 percent.

Castlewood was formed in 2001 to pursue the management and acquisition of insurance and reinsurance companies, including companies in run-off, and to provide management, consulting and other services to the insurance and reinsurance industry.

Castlewood Ltd., a Bermuda-based subsidiary of Castlewood Holdings, is experienced in acquiring and managing reinsurance operations.