holding company owns the whole of Rhine Reinsurance Co. after buying shares from two Swiss insurers.

KKR said it established a holding company, RR Holding Co. of Zug, which invested 75 million Swiss francs ($52 million) in a newly-founded Bermuda unit, Rhine Reinsurance Co. (Bermuda) Ltd., and 25 million francs in Rhine Reinsurance Co. in Basel.

"With this combined capital strength, Rhine Re group is excellently equipped to further develop its scope of activities,'' the company said in a statement.

Two Swiss insurers, Baloise Insurance Group and Berner Holding AG, said on December 1 they sold their stakes in Rhine for an undisclosed amount. Rhine, which isn't listed on any stock exchange, will have annual premiums of about 470 million Swiss francs ($326 million) this year, KKR said.