The billionaire investor behind the turnaround in the early 2000s of Japan’s ailing Long Term Credit Bank wants to buy Henrico County-based Elephant Insurance, now that the insurer has come out of what its British owner says were some tough years.

Chris Flowers and his investment firms propose to buy Elephant for $53.3 million, subject to various adjustments at closing, they said in a 137-page filing with the State Corporation Commission Bureau of Insurance.

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The sale “will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and Mainland Europe,” according to Costantino Moretti, head of International insurance at Elephant’s parent firm, the British insurer Admiral

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