Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), a leading provider of retrospective reinsurance and capital solutions, has announced that Catalina General Insurance Ltd., its wholly owned Bermuda-domiciled reinsurance company, has completed a previously announced loss portfolio transfer retrocession agreement with subsidiaries of QBE Insurance Group Ltd. relating to QBE’s legacy North American Excess and Surplus (E&S) portfolio.
The business reinsured consists of primary and excess general liability policies underwritten by subsidiaries of QBE between 2016 and 2020 with reserves of approximately US$334 million as of December 31, 2021.
Ian Parker, Catalina’s Group Chief Executive Officer, commented: “This has been a great transaction to work on with QBE. With highly efficient teams from both sides working collaboratively we are delighted to have closed this so quickly. We look forward to exciting future working together.”
Catalina Holdings (Bermuda) Ltd provides capital and risk management solutions to insurers and reinsurers in the global P&C insurance sector. Catalina has completed 31 acquisitions and/or reinsurance transactions to date acquiring 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 reinsure blocks or business for which clients are seeking to exit, de risk or release the capital intense allocation from their business model.