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.