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July 2010 Catalina Holdings (Bermuda) Ltd announces purchase of Western General Insurance Ltd (Click here for full details)

 

June 2010 Catalina Holdings (Bermuda) Ltd agree to acquire Western General Insurance Ltd

 

October 2009   The acquisition of Alea UK completed on October 29, 2009 following the approval of the U.K. Financial Services Authority. Following the acquisition, Alea UK has changed its name to Catalina London Ltd

 

June 2009 Catalina Holdings (Bermuda) Ltd agrees to acquire Alea Holdings UK Ltd

Catalina Holdings (Bermuda) Ltd (“Catalina”) and its wholly owned subsidiary Catalina Bravo Ltd entered into a definitive share purchase agreement on June 30, 2009 to acquire Alea Holdings UK Ltd and its subsidiaries (“Alea UK”). Alea UK is the UK subsidiary of Alea Group Holdings Bermuda Ltd ("Alea Group"), a property/casualty reinsurer currently in run off.  Catalina will maintain Alea UK’s offices in London.  Completion of the transaction is contingent upon customary closing conditions and the required regulatory approvals.

 

The transaction represented both an opportunity to crystallize the value embedded in Alea UK for the Alea Group and to align its London-based team with an established run-off acquirer.  The transaction also has strategic importance for Catalina in terms of establishing an operating platform in London to complement it's existing operations in Bermuda and New York.

 

At 31 December 2008, Alea UK's consolidated IFRS accounts had total assets of $446.5 million, total liabilities of $357.9 million and shareholders' equity of $88.6 million.

 

December 2008 - Notwithstanding the current economic climate, Catalina Holdings (Bermuda) Limited welcomes Ontario Teachers' Plan on board as a new shareholder with committed equity of $60 million taking total committed equity to over $400 million.

 

October 2008 -The acquisition of Quanta completed on October 10, 2008 following the approval of the common shareholders of Quanta, and regulatory approvals from the Bermuda Monetary Authority, the Colorado Division of Insurance, the Indiana Department of Insurance and the Irish Financial Regulator in Dublin. 

Consideration for the acquisition was met from Catalina’s own internal resources and a senior debt facility provided by Lloyds TSB and Royal Bank of Scotland.

Morgan Stanley & Co. Incorporated and Allen & Overy LLP advised Catalina in connection with the transaction. Friedman, Billings, Ramsey & Co., Inc.and Baker & McKenzie LLP advised Quanta.

Chris Fagan, Catalina's Chief Executive said "We are pleased to have completed acquisition of Quanta and we are now actively working with Quanta's employees and management to achieve a successful run off. This is an important acquisition for Catalina following the significant expansion of our capital base last year."

 

May 2008 - Catalina Holdings (Bermuda) Ltd acquires Quanta Capital Holdings Ltd for $197 million in Cash

Catalina Holdings (Bermuda) Ltd (“Catalina”) and its wholly owned subsidiary Catalina Alpha Ltd entered into a definitive amalgamation agreement on May 30, 2008 to acquire Quanta Capital Holdings Ltd (“Quanta”). Quanta is a Bermuda holding company, listed on NASDAQ, with interests in specialty insurance and reinsurance that it is actively running off. Catalina will maintain Quanta’s offices in Bermuda, Ireland and the United States.

Pursuant to the amalgamation agreement, Catalina agreed to acquire Quanta in a transaction valued at approximately $197 million, representing $2.80 per share in cash for Quanta’s common shareholders, which in turn represents a 55% premium to the volume-weighted average sale price per share over the 30 calendar days ending May 29, 2008.

 

July 2007- Catalina Holdings (Bermuda) Ltd raises over $340 million of committed equity capital from four institutional investors- Royal Bank of Scotland, Nomura International, Caisse de depot et placement du Quebec and Century Capital - and from its executive management team.

 

 

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