Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), announces that following receipt of regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA) it has today completed its reinsurance transaction with Delta Lloyd under which a portfolio of marine insurance liabilities in run-off will be reinsured by Catalina’s wholly owned Swiss subsidiary, Glacier Reinsurance AG.
Catalina’s total assets pro forma for this transaction, the recently announced reinsurance transactionwith NationsBuilders Insurance Company and the acquisition of SPARTA, will be in excess of US$3 billion.
About Catalina Holdings (Bermuda) Ltd
Catalina Holdings (Bermuda) Ltd (“Catalina”) is a long term consolidator in the non-life insurance/reinsurance run-off sector. Catalina was established in 2005 to focus solely on the acquisition and management of nonlife insurance/reinsurance companies in run-off. Our shareholders are substantial financial institutions including funds managed by Apollo Global Management, Ontario Teachers’ Pension Plan and Caisse de Depot et Placement du Quebec. Since its foundation, Catalina has invested over $1.25bn acquiring non-life insurance and reinsurance companies and portfolios in run-off, assuming over $2.7bn in liabilities. Catalina has received approvals from Bermudian, Irish, Swiss, UK (FSA/PRA and Lloyd’s) and various US state insurance regulators for prior acquisitions and reinsurance transactions. We currently maintain offices in Bermuda, Colorado, Connecticut, Dublin, London, New York and Switzerland, with over 100 employees. For further details about Catalina’s acquisitions or its management team please refer to www.catalinare.com.