London, 13 September 2022: Asta, the leading third-party managing agent at Lloyd’s, and Bermuda-based Catalina Group, a leading global provider of retrospective reinsurance and capital solutions, are pleased to announce that Lloyd’s have granted ‘in principle’ approval of a new syndicate to underwrite reinsurance to close (RITC) transactions, within the Lloyd’s market.
Managed by Asta, Catalina Syndicate 3232 is aiming to commence accepting business into the 2023 YOA, and will be capitalised through a wholly aligned corporate member owned by Catalina. With the expertise and infrastructure of the Catalina Group behind it, the Syndicate’s strategy is to target larger-sized transactions.
Catalina Group Chief Executive Officer Ian Parker said: “By combining Asta’s proven third-party syndicate-management acumen with our 17 years of expertise in the retrospective reinsurance space and the backing of our highly-regarded shareholders, Catalina Syndicate 3232 will immediately bring a strong and credible new player to support the larger deals in Lloyd’s.”
Asta Chief Executive Officer Lorraine Harfitt added: “Catalina is a market leader in the legacy sector, and its expertise and robust capital resources are a welcome addition to Lloyd’s. We continue to see the desire among the managing agency community to find solutions for back-year portfolios, allowing syndicates to focus on their core business of underwriting new risk, whilst leaving run-off to the specialists. The combination of Asta and Catalina will increase the options available to managing agents looking to do this and will extend the range of solutions which Asta can provide across the syndicate lifecycle.”
Catalina 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.