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 Insurance Ltd.