Catalina Holdings (Bermuda) Ltd. has announced that it has signed a definitive agreement with Delta Lloyd Group under which a portfolio of marine insurance liabilities in run-off will be reinsured by Catalina’s wholly owned Swiss subsidiary, Glacier Reinsurance AG, subject to Swiss regulatory approval.
“Total assets of Catalina pro forma for this transaction and the recently announced acquisition of Sparta will be in excess of $3.1 billion,” the announcement said.
Chairman and Chief Executive Chris Fagan commented: “Our agreement with Delta Lloyd demonstrates the value of Catalina’s platform in providing solutions for legacy liabilities in Europe. This is a substantial portfolio, in excess of $200 million equivalent, and we are confident about the potential to complete similar transactions across Europe in the future.”
Source: Catalina Holdings (Bermuda) Ltd.