Catalina Holdings (Bermuda) Ltd. announced that it has completed its acquisition of American Safety Reinsurance, Ltd. (AS Re), from Fairfax Financial Holdings Limited, following approval from the Bermuda Monetary Authority.
“AS Re will be consolidated into Catalina’s existing operations in Bermuda,” the announcement said. “The consideration will be satisfied from Catalina’s cash at hand.
“This acquisition brings the number of Catalina’s transactions to eleven since the business was originally established in 2005, including the recently announced Alea Group acquisition, which is expected to complete in Q4 2013 subject to regulatory consents.
“Total assets of Catalina pro forma for this acquisition will be in excess of $2 billion.”
Source: Catalina Holdings (Bermuda) Ltd