Catalina reports 2021 Year-End Results
Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy retrospective space reported consolidated net income of $177m for the year ended December 31 2021, and net operating income of $86m .
Ian Parker, Catalina’s new Group Chief Executive said: “As shown in our FY2021 results this is an exciting time for Catalina, with the substantial increase in our net operating income, from $9mn in 2020 to $86mn in 2021, benefiting from strong investment income and favourable run-off income from Asia Capital Re, a transaction that completed in 2020. We are in a good place for making new acquisitions, with strength in our balance sheet and carried reserves. There is a high volume of deals in the current run-off market and we are already building momentum for 2022. Catalina has a strong history which we are seeking to build on. We hope to secure an entry into Lloyd’s this year, via one of the increasing number of alternatives available to us, as there is little doubt that Lloyd’s is a growing market for the sector.”
Total shareholders’ equity as at December 31, 2021 was $1.4 billion, total assets of $6.66bn and total liabilities of $5.23bn.
Notes to Editors
The Company uses “net operating income” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Net operating income” as used herein differs from “net income (loss)” primarily by the exclusion of net realised and unrealised gains and losses on certain investments, net foreign exchange gains and losses, and changes in fair value of subordinated debt.
Catalina Holdings (Bermuda) Ltd 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 $10bn of non-life insurance and reinsurance liabilities. Catalina has received approvals from Bermudian, Irish, Malaysian, Singaporean, Swiss, UK (PRA and FCA) and various US state insurance regulators for prior acquisitions and reinsurance transactions. Catalina operates from 11 global offices situated across the United States, Bermuda, Ireland, United Kingdom, Switzerland, Singapore and Malaysia. For further details about Catalina’s acquisitions or its management team please refer to www.catalinare.com.