Bermuda-based Imagine Reinsurance Holdings has purchased Enterprise Re, also based in Bermuda. Enterprise Reinsurance Holdings Corporation and all of its subsidiary companies will be integrated into the Imagine group's worldwide insurance operations.No price for the purchase was given.

The Imagine group is a finite risk reinsurance enterprise delivering structured insurance and reinsurance capital solutions to clients. It is 100 percent ultimately owned by Trilon Financial Corporation and Management, a Canadian financial services company. Following completion of this deal the group will have offices in Barbados, New York, Dublin, Copenhagen, Basel and St. Louis as well as Bermuda.

Enterprise Re, a provider of finite reinsurance, insurance and strategic risk financing, has its underwriting operations in Bermuda with its headquarters in New York. Enterprise was set up in 1997 and capitalised by investors CAT Ltd, Employers Re, Chubb and Morgan Stanley Capital Partners.

Thomas Gleeson, founder and co-chief executive officer of Imagine, said: "The purchase of Enterprise Re furthers the implementation of our very focused business model and is consistent with our previously stated goal of providing a unique financial services platform to the global insurance industry.

"It further enables the Imagine group to meet the significant demand for structured insurance and reinsurance products that we are seeing in the marketplace today.''

Jonathan Roberts, who has been president of Enterprise since its inception, said: "The employees of Enterprise Re are very excited about this opportunity. The Imagine group immediately provides us with greater resources to offer a much broader spectrum of innovative solutions within a dynamic, entrepeneurial and forward thinking organisation."