Catalina Holdings (Bermuda) Ltd agrees to acquire Alea Holdings UK Ltd
Catalina Holdings (Bermuda) Ltd ("Catalina") and its wholly owned subsidiary Catalina Bravo Ltd entered into a definitive share purchase agreement on June 30, 2009 to acquire Alea Holdings UK Ltd and its subsidiaries ("Alea UK"). Alea UK is the UK subsidiary of Alea Group Holdings Bermuda Ltd ("Alea Group"), a property/casualty reinsurer currently in run off. Catalina will maintain Alea UK's offices in London. Completion of the transaction is contingent upon customary closing conditions and the required regulatory approvals.
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 has strategic importance for Catalina in terms of establishing an operating platform in London to complement it's existing operations in Bermuda and New York.
At 31 December 2008, Alea UK's consolidated IFRS accounts had total assets of $446.5 million, total liabilities of $357.9 million and shareholders' equity of $88.6 million.