Does anyone know what "run-off" means in the context below ?
I have never heard that term.
The Enstar Group, Inc. Announces Joint Venture To Acquire Reinsurance Companies
MONTGOMERY, Ala., June 28 /PRNewswire/ -- The Enstar Group, Inc. (``Enstar'') (OTC Bulletin Board: ESGR - news) and Castlewood Limited (``Castlewood''), a private Bermuda based firm which is experienced in managing and acquiring insurance and reinsurance operations, announced their intent to acquire River Thames Insurance Company Limited, based in London, England, and Bermuda-based Overseas Reinsurance Corporation Limited, from Rivers Group Limited and Sedgwick Group Limited, respectively. The purchase will be effected through a Bermuda holding company, Revir Limited (``Revir''), which was formed for the purpose of the acquisition and is owned 50% each by Enstar and Castlewood. Revir has signed a definitive agreement with Rivers Group Limited and Sedgwick Group Limited, UK-based subsidiaries of Marsh & McLennan Companies, Inc., for the purchase of the two reinsurance companies.
``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,'' said Nimrod T. Frazer, Enstar's Chairman and CEO. |
