Catalina has made eighteen acquisitions and is constantly reviewing further opportunities to acquire insurance and reinsurance entities in run off.

January 2016

Catalina completes acquisition of Allianz Suisse Ruckversicherungs-Gesellschaft AG

August 2015

Catalina enters into an agreement to acquire Papiro AG

July 2015

Catalina completes portfolio transfer of legacy insurance liabilities from Quinn Insurance Limited

May 2015

Catalina completes acquisition of PXRE from Tawa Associates Ltd

February 2015

Catalina completes transfer of construction liabilities in run-off from NationsBuilders Insurance Company

September 2014

Catalina completes acquisition of SPARTA Insurance Holdings, Inc.

June 2014

Catalina enters into an agreement with NationsBuilders Insurance Company for the transfer of construction liabilities

May 2014

Catalina enters into an agreement with Delta Lloyd for the reinsurance of legacy marine liabilities

March 2014

Catalina enters into an agreement to acquire SPARTA Insurance Holdings, Inc.

March 2014

Catalina completes acquisition of AS Re

September 2013

Catalina enters into an agreement to acquire Alea Group Holdings (Bermuda) Ltd.

August 2013

Catalina enters into agreement with Fairfax Financial Holdings Limited regarding acquisition of American Safety Reinsurance

Catalina agrees to purchase AS Re from Fairfax promptly upon Fairfax acquiring American Safety.

April 2013

Catalina completes acquisition of KX Re from Tawa plc

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").

November 2012

Loss Portfolio Transfer

    Catalina Holdings (Bermuda) Ltd has signed a definitive agreement to reinsure, via a loss portfolio transfer, a portfolio of construction defect liabilities from Glencoe Insurance Ltd, a subsidiary of RenaissanceRe Holdings Ltd. The liabilities will be reinsured by Catalina General Insurance Ltd (Cat Gen), Catalina’s Bermuda subsidiary.

    July 2012

    Catalina completes acquisition of two legacy businesses from HSBC

    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.

    August 2011

    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.

    May 2011

    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.

    This was the largest ever acquisition of a European reinsurer in run-off.

    July 2010

    Western General Insurance Ltd

    • 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.

    October 2009

    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.

    October 2008

    Quanta Capital

    • 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.

    Consideration for the acquisition was met from Catalina's own internal resources and a senior debt facility
    provided by Lloyds TSB and Royal Bank of Scotland.

    Catalina has maintained Quanta's offices in Bermuda, Ireland and the United States.

     

    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.

Thinking of selling?

If you are thinking of selling your run-off, contact Mayur Patel, Head of M&A or Chris Fagan, Chief Executive.
T: +44 207 265 5059
E: Mayur Patel/a>

T: +1 441 494 6355
E:
Chris Fagan

Use Catalina to generate value
through run-off

Selling to Catalina allows businesses to refocus on core activities, unlock capital, reduce costs and have a clean exit from liabilities.

Catalina is:
  • focused on non-life run off
  • proven in the industry
  • well established
  • regulated internationally