Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), through its wholly owned subsidiary Alea North America Insurance Co. (“Alea”), has signed an agreement with Samsung Fire and Marine Insurance Co., Ltd. (U.S. Branch) (“SFMI (U.S. Branch)”) to transfer a portfolio of legacy US insurance liabilities in run-off to Alea.
The portfolio consists mainly of US general liability, workers compensation, auto liability and property. As at December 31, 2016 it had gross insurance liabilities of $190m. The portfolio transfer is subject to regulatory approval in the US from the New York Department of Financial Services and is expected to close in Q4 2017.
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. Since its foundation, Catalina has acquired or reinsured over $4.5bn of non-life insurance and reinsurance 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. Catalina maintains offices in Bermuda, Denver, Dublin, Hartford, London, New York and Pfaffikon, Switzerland, with approximately 180 employees. For further details about Catalina’s acquisitions or its management team please refer to www.catalinare.com.