Catalina Holdings (Bermuda) Ltd (“Catalina”), announced it had signed a definitive agreement to acquire two legacy businesses, HSBC Reinsurance Limited and HSBC Insurance (Ireland) Limited from HSBC Holdings plc, subject only to regulatory approval from the Central Bank of Ireland. the businesses will be renamed at closing.
The businesses predominantly wrote creditor, property, travel and motor business. HSBC Reinsurance Limited was placed into run-off in June 2010 and HSBC Insurance (Ireland) Limited was placed into run-off in June 2009.
The businesses had total assets of approximately US$273m at 31 March 2012.
Chris Fagan, Chief Executive of Catalina said: “This deal demonstrates Catalina’s continued ability to acquire legacy assets from quality vendors in one of our core territories. we continue to see an increase in transaction activity in the run-off market, and we expect to build out portfolio further over the course of 2012.”