Revir Ltd., a Bermuda holding company, is to purchase Bermuda-based Overseas Reinsurance Corporation and London-based River Thames Insurance Company. Revir was formed for the acquisition and is owned 50 percent each by Castlewood, of Bermuda, and the Enstar group.

A definitive agreement has been signed with Rivers Group, which owns River Thames, and Sedgwick, which owns Overseas Reinsurance. The acquisitions are subject to regulatory approvals in both Bermuda and the UK.

Castlewood is a private company with experience in managing and acquiring insurance and reinsurance operations. Nimrod Frazer, Enstar's chairman and chief executive officer, said: "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. We are interested in finding additional run-off opportunities to pursue together.''