Catalina Holdings (Bermuda) Ltd announces purchase of Glacier Re
Hamilton, Bermuda - Catalina Holdings (Bermuda) Ltd. ("Catalina") announces that it signed a definitive share purchase agreement on 7th January 2011 to acquire Glacier Re, the Swiss based reinsurance company in run-off. Subject to Swiss regulatory approval from FINMA the acquisition is expected to complete in the first quarter of 2011.
Glacier Re was established in 2004 and wrote a diversified book of predominantly short tail reinsurance until it went into run-off in August 2010. As at 30th September 2010 Glacier Re had total assets of $1.2 billion, gross technical reserves of $466 million, and net assets of $374 million. The purchase price was at a discount to net asset value.
Chris Fagan, Chairman and Chief Executive of Catalina commented:
"Glacier Re fits our acquisition profile well and adds significantly to our existing business. We continue to be very acquisitive and are seeing an increased flow of run-off acquisition opportunities."
About Catalina Holdings (Bermuda) Ltd
Established in 2005, Catalina is a Bermuda company backed by significant blue chip investors, and specializes in the acquisition and management of non-life insurance and reinsurance companies and portfolios in run-off. Other recent acquisitions concluded by Catalina include Quanta Capital Holdings in 2008, Alea UK in 2009 and Western General Insurance in 2010. Pro forma for the Glacier Re acquisition, Catalina will have total assets of $2 billion.
Catalina has offices and operations in Bermuda, New York, London and, following completion
of the Glacier acquisition, Switzerland. Catalina offers finality and immediate capital release to
owners of insurance and reinsurance companies and portfolios in run-off.