Catalina announces agreement with subsidiaries of QBE Insurance Group Ltd.
Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy retrospective space has announced that Catalina General Insurance Ltd. (Catalina General), its wholly owned Bermuda-domiciled reinsurance company, has entered into an agreement with subsidiaries of QBE Insurance Group Ltd. for a loss portfolio transfer of QBE’s legacy North American Excess and Surplus (E&S) lines prior accident year liabilities. The transaction is subject to regulatory approvals and certain closing conditions.
The reinsured portfolio consists of primary and excess general liability policies underwritten by subsidiaries of QBE between 2016 and 2020. Catalina General will assume losses incurred on the portfolio on or prior to December 31, 2021, the reserves for which approximated US$334 million as of the year-ending 2021. A U.S. subsidiary of Catalina will provide administrative services on the reinsured portfolio.
Steve Ryland, Catalina’s Group Head of Global Distribution, commented: “We are thrilled to partner with QBE, a leading global insurer, on such an important transaction. This was a highly collaborative effort, and we appreciate QBE’s confidence in Catalina to deliver this solution for them. This loss portfolio transfer transaction reinforces Catalina’s position as a leading provider of retrospective reinsurance and capital solutions, globally.”
Catalina Holdings (Bermuda) Ltd provides capital and risk management solutions to insurers and reinsurers in the global P&C insurance sector. Catalina has made 31 acquisitions and/or Loss Portfolio Transfers to date with total reserves more than $10bn.
Catalina, an industry leader in the insurance retrospective space reported consolidated net income of $177m for the year ended December 31, 2021, and net operating income of $86m. Total shareholders’ equity as at December 31, 2021 was $1.4 billion, total assets of $6.66bn and total liabilities of $5.23bn.
Catalina is a leading global provider and capital management and risk transfer solutions to the global P&C insurance sector. We seek to acquire non-life (re)insurance liabilities or provide risk transfer solutions for blocks of business where our clients wish to improve their return on equity and or improve their capital position and profitability profile. We also acquire or reinsur blocks or business for which clients are seeking to exit, de risk or release the capital intense allocation from their business model.