Catalina announces agreement with subsidiaries of QBE Insurance Group Ltd.
Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy retrospective space has announced a change in structure to increase its focus on global expansion, while maintaining its underwriting discipline, and support its growth plans while bolstering its market positioning.
Catalina has established a new team which is focused on global origination with a presence in UK/Europe, North America, Bermuda, and Asia Pacific. The team will be led by Steve Ryland, Catalina’s Head of Global Distribution. Steve will focus on the UK and European markets, Parri Spector will focus on North America, and Malcolm Steingold will lead the Asia Pacific region. The team will be supported by the Catalina M&A team which is now led by Graham Taylor.
Malcolm joins Catalina on June 1. He has 39 years of insurance, reinsurance, and associated industry experience, during which time he was appointed, amongst other things, Chairman and Chief Executive Officer of Aon Benfield Asia Pacific. During Malcolm’s tenure premium revenue grew from $800 million in 2005 to $6 billion in 2017.
Ian Parker, Catalina’s Group Chief Executive Officer, commented: “Since joining Catalina in February, I have already noticed an increasing number of opportunities in the market. With our new structure, not only do we hope to ensure that we see all the deals being marketed by brokers, banks, and other intermediaries, but also create opportunities ourselves by leveraging our knowledge and contacts to create longer term partnerships. Separating Origination from the M&A process just plays to the strengths of each team and is the next logical step to continue scaling Catalina as an innovative solutions provider to global insurers.”
CCatalina Holdings (Bermuda) Ltd provides capital and risk management solutions to insurers and reinsurers in the global P&C insurance sector. Catalina has made 31 acquisitions and/or Loss Portfolio Transfers to date with 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.