(8 May 2014) Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”) announces that it has signed a definitive agreement with Delta Lloyd Group under which a portfolio of marine insurance liabilities in run-off will be reinsured by Catalina’s wholly owned Swiss subsidiary, Glacier Reinsurance AG.
The transaction is subject to Swiss regulatory approval.
Total assets of Catalina pro forma for this transaction and the recently announced acquisition of Sparta will be in excess of US$3.1 billion.
Chris Fagan, Chairman and Chief Executive of Catalina, said:
“Our agreement with Delta Lloyd demonstrates the value of Catalina’s platform in providing solutions for legacy liabilities in Europe. This is a substantial portfolio, in excess of US$200m equivalent, and we are confident about the potential to complete similar transactions across Europe in the future.”
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 non-life 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 acquired or reinsured over $2bn of non-life insurance and reinsurance liabilities in run-off. 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, London, Dublin, New York and Pfaffikon, Switzerland, with over 100 employees. For further details about Catalina’s acquisitions or its management team please refer to www.catalinare.com.