In the early 1990s we recognised that many insurance and reinsurance companies were facing both resource and management issues with their discontinued activities. Many had hidden value tied-up within these non-core ("run-off") operations and frequently the situation resulted in continued loss of value or increased cost to those companies.
Having identified this niche market, we established a company called Castlewood with a specific brief to work with global businesses and, in partnership, develop ways of identifying, quantifying and rapidly releasing capital, thereby allowing them to fully focus on their core operations.
As Castlewood grew it attracted the interest of The Enstar Group, Inc, a US publicly listed company, who became a large shareholder in 2001, when we created a joint venture, Castlewood Holdings Limited, along with the Trident II private equity fund, managed at the time by Marsh Mclennan Capital (now Stonepoint Capital). In 2007 a merger with The Enstar Group, Inc resulted in the formation of Enstar Group Limited, giving the business a truly global capability and profile.
Today we are the largest single run-off company in the world with, in the aggregate, a multi-billion US dollar portfolio of insurance and reinsurance assets under management and substantial operations in Bermuda, Europe, USA and Australia.