Catalina Holdings (Bermuda) Ltd completes acquisition of
Glacier Reinsurance AG ("Glacier Re")
Hamilton, Bermuda - Catalina Holdings (Bermuda) Ltd ("Catalina"), announces that following consent from FINMA, the Swiss Financial Markets Supervisory Authority, it has completed the acquisition of Glacier Reinsurance AG, the Swiss-based reinsurance company in run-off.
Glacier Re, established in 2004, 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.
Chris Fagan, Chairman and Chief Executive of Catalina said: "I am pleased that our acquisition of Glacier Re has now completed successfully. Glacier Re is Catalina's fourth acquisition in two years. It is also the largest acquisition to date of a European reinsurer in run-off and will add significantly to our existing business.
"We remain acquisitive and are actively exploring a strong pipeline of opportunities in the run-off sector".