Our acquisitions
Catalina has made six acquisitions and is constantly reviewing further opportunities to acquire insurance and reinsurance entities in run off.
August 2011
Residential Loss Control Holdings
- Total assets $168.4 million
- Gross reserves $113.7 million
- Net assets $19.4 million
Catalina announced that its wholly owned subsidiary Catalina Echo Limited signed a definitive merger agreement on 22 August 2011 to acquire Residential Loss Control Holdings. RLCH owns two risk retention groups, National Home Insurance Company and Residential Insurance Company, based respectively in Colorado and Hawaii.
May 2011
Glacier Reinsurance AG
- Total assets $1.2 billion
- Gross reserves $466 million
- Net assets $374 million
Glacier Re, established in 2004 and based in Switzerland, wrote a diversified book of predominantly short tail
reinsurance until it entered run-off in August 2010. As at 30 September 2010, it had total assets of $1.2 billion,
gross technical reserves of $466 million, and net assets of $374 million.
This was the largest ever acquisition of a European reinsurer in run-off.
July 2010
Western General Insurance Ltd
- Total assets $54 million
- Gross reserves $
- Net assets $23 million
Bermuda-based WestGen commenced trading in 1980 and wrote a combination of direct and reinsurance
business until it was placed into run-off in January 2006. Its sale to Catalina was the final step of the prior
owner's run-off plan.
As at 19 July 2010 WestGen had total assets of $53.5 million and total liabilities of $30.4 million. WestGen
was acquired at a discount to net tangible asset value. WestGen's name was changed to Catalina General
Insurance Ltd.
October 2009
Alea Holdings UK Ltd
- Total assets $447 million
- Gross reserves $
- Net assets $92 million
Alea UK was a property/casualty reinsurer in run off with assets of $446.5 million, total liabilities of $357.9
million and shareholders' equity of $88.6 million. Following the acquisition, Alea UK changed its name to
Catalina London Ltd.
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 had
strategic importance for Catalina in terms of establishing an operating platform in London to complement its
existing operations in Bermuda and New York.
October 2008
Quanta Capital
- Total assets $548 million
- Gross reserves $
- Net assets $197 million
The acquisition of Quanta, a Bermuda holding company listed on NASDAQ, for $197 million in cash, followed
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.
Catalina has maintained Quanta's offices in Bermuda, Ireland and the United States.
Overseas Partners (the first acquisition, renamed Catalina Re Ltd)
- Total assets $362 million
- Gross reserves $
- Net assets $197 million
Overseas Partners was acquired by Catalina Holdings Ltd, prior to the creation and capitalisation of Catalina Holdings (Bermuda) Ltd. It had been in run-off since 2001 and had reduced significantly in size from net assets of circa $1.3 billion to $197 million when acquired by Catalina. It underwrote a diverse book of US and international reinsurance.