Acquisitions and Loss portfolio Transfers to Date
Catalina has made Thirty acquisitions and is constantly reviewing further opportunities to acquire insurance and reinsurance entities in run-off.
Asia Capital Reinsurance Group Pte. Ltd.
31 March 2020
Total assets $2.1 billion
Gross liabilities (incl. unearned premium reserve) US$1.3 billion
ACR, a Singapore-headquartered reinsurance business founded in 2006 that entered run-off on 5 December 2019, was acquired on 31 March 2020. As at 30 September 2019, ACR had US$1.3 billion of gross liabilities including unearned premium reserve, and total assets of US$2.1 billion.
The acquisition is Catalina’s first in Asia and is a strategic move to increase exposure to the significant run-off market across the continent.
Zurich UK EL 2006 & prior liabilities
17 December 2018
Catalina has signed a definitive agreement with Zurich Insurance PLC under which the majority of Zurich’s UK employers’ liability (UK EL) policies for 2006 and prior underwriting years will be transferred to Catalina.
Arch US P&C run-off
20 April 2018
Catalina Holdings through its wholly owned subsidy Catalina General Insurance Ltd has assumed a portfolio of US Property & Casualty liabilities in run off from Arch Reinsurance Ltd. with net outstanding reserve of approximately US$410 million.
Zurich German legacy medical malpractice liabilities
Catalina Holdings, through its wholly owned subsidiary, Catalina Insurance Ireland DAC, has signed a definitive agreement with Zurich Insurance Limited under which a portfolio of German legacy medical malpractice liabilities in run-off will be transferred to Catalina Ireland.
SFMI (U.S. Branch)
Catalina Holdings Ltd, through its wholly owned subsidiary Alea North America Insurance Co., has signed an agreement with Samsung Fire and Marine Insurance Co., Ltd. to transfer a portfolio of legacy US insurance liabilities in run-off to Alea.
Hartford Financial Products Insurance Limited
10 May 2017
Catalina Holdings Ltd is pleased to announce that its wholly owned subsidiary Catalina Holdings UK Limited has completed its acquisition of Hartford Financial Products International Limited and Downlands Liability Management Limited from The Hartford Financial Services Group Inc. following approval from the Prudential Regulation Authority and the Bermuda Monetary Authority.
24 March 2016
Catalina Holdings Ltd announces that its wholly owned subsidiary Catalina Holdings UK Limited has signed a definitive agreement to acquire AGF Insurance Limited from AGF Holdings (UK) Limited, a subsidiary of Allianz SE.
Allianz Suisse Ruckversicherungs- Gesellschaft AG
Catalina Holdings (Bermuda) Ltd (“Catalina”) announces that, following receipt of regulatory approvals from the FINMA the Swiss financial regulator, it has completed its acquisition of Allianz Suisse Ruckversicherungs-Gesellschaft AG (“Allianz Suisse Re”) from Allianz SE.
6 August 2015
Catalina Holdings Ltd announces that its wholly owned subsidiary Glacier Reinsurance AG has signed a definitive agreement to acquire Papiro AG, the Swiss based captive insurance company of VPK Packaging B.V. from VPK.
Quinn Insurance Limited (legacy liabilities)
1 July 2015
Catalina completes portfolio transfer of legacy insurance liabilities from Quinn Insurance
Limited (under administration).
28 May 2015
Catalina completes acquisition of PXRE from Tawa Associates Ltd.
Nations Builders Insurance Company
9 February 2015
Catalina completes transfer of construction liabilities in run-off from Nations Builders Insurance Company.
Danielson Indemnity Company
17 November 2014
Catalina completes acquisition of Danielson Indemnity Company.
SPARTA Insurance Holdings, Inc.
16 September 2014
Catalina completes acquisition of SPARTA Insurance Holdings, Inc.
Delta Lloyd CAR liabilities
30 June 2014
Catalina completes marine liabilities reinsurance transaction with Delta Lloyd.
8 May 2014
Catalina Holdings Ltd 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.
AS Re Bermuda
8 October 2013
Catalina Holdings Ltd announces it has today completed its acquisition of American Safety Reinsurance, Ltd., from Fairfax Financial Holdings Limited following approval from the Bermuda Monetary Authority. AS Re will be consolidated into Catalina’s existing operations in Bermuda.
Alea Group Holdings (Bermuda) Ltd.
18 September 2013
Catalina Holdings Ltd announces it has signed a definitive agreement to acquire Alea Group Holdings Ltd. from FIN Acquisition Limited, a subsidiary of investment funds managed by affiliates of Fortress Investment Group LLC.
17 April 2013
Catalina Holdings (Bermuda) Ltd announced it had completed its acquisition of KX Reinsurance Company Limited, including KX Re’s wholly owned subsidiary OX Reinsurance Company Limited from Tawa plc (“Tawa").
HSBC Reinsurance Ltd and HSBC Insurance (Ireland) Ltd
9 July 2012
Catalina Holdings (Bermuda) Ltd (“Catalina”), announced it had signed a definitive agreement to acquire two legacy businesses, HSBC Reinsurance Limited and HSBC Insurance (Ireland) Limited from HSBC Holdings plc.
Residential Loss Control Holdings
– Total assets $168.4 million
– Gross reserves $113.7 million
– Net assets $19.4 million
Catalina announced that its wholly owned subsidiary Catalina Echo Limited signed a definitive merger agreement on 22 August 2011 to acquire Residential Loss Control Holdings. RLCH owns two risk retention groups, National Home Insurance Company and Residential Insurance Company, based respectively in Colorado and Hawaii.
Glacier Reinsurance AG
– Total assets $1.2 billion
– Gross reserves $466 million
– Net assets $374 million
Glacier Re, established in 2004 and based in Switzerland, wrote a diversified book of predominantly short tail
reinsurance until it entered run-off in August 2010. As at 30 September 2010, it had total assets of $1.2 billion, gross technical reserves of $466 million, and net assets of $374 million.
Western General Insurance Ltd
19 July 2010
– Total assets $54 million
– Gross reserves $
– Net assets $23 million
Bermuda-based WestGen commenced trading in 1980 and wrote a combination of direct and reinsurance
business until it was placed into run-off in January 2006. Its sale to Catalina was the final step of the prior
owner’s run-off plan.
As at 19 July 2010 WestGen had total assets of $53.5 million and total liabilities of $30.4 million. WestGen
was acquired at a discount to net tangible asset value. WestGen’s name was changed to Catalina General
Alea Holdings UK Ltd
– Total assets $447 million
– Gross reserves $
– Net assets $92 million
Alea UK was a property/casualty reinsurer in run off with assets of $446.5 million, total liabilities of $357.9 million and shareholders’ equity of $88.6 million. Following the acquisition, Alea UK changed its name to Catalina London Ltd.
The transaction represented both an opportunity to crystallize the value embedded in Alea UK for the Alea Group and to align its London-based team with an established run-off acquirer. The transaction also had strategic importance for Catalina in terms of establishing an operating platform in London to complement its existing operations in Bermuda and New York.
– Total assets $548 million
– Gross reserves $
– Net assets $197 million
The acquisition of Quanta, a Bermuda holding company listed on NASDAQ, for $197 million in cash, followed the approval of the common shareholders of Quanta, and regulatory approvals from the Bermuda Monetary Authority, the Colorado Division of Insurance, the Indiana Department of Insurance and the Irish Financial Regulator in Dublin.
Overseas Partners (the first acquisition, renamed Catalina Re Ltd)
– Total assets $362 million
– Gross reserves $
– Net assets $197 million
Overseas Partners was acquired by Catalina Holdings Ltd, prior to the creation and capitalisation of Catalina Holdings (Bermuda) Ltd. It had been in run-off since 2001 and had reduced significantly in size from net assets of circa $1.3 billion to $197 million when acquired by Catalina. It underwrote a diverse book of US and international reinsurance.