Bermuda-based Catalina Holdings announced that, following receipt of regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA), it has completed its reinsurance transaction with Delta Lloyd under which a portfolio of marine insurance liabilities in run off will be reinsured by Catalina’s wholly owned Swiss subsidiary, Glacier Re.
Catalina said its “total assets pro forma for this transaction, the recently announced reinsurance transaction with NationsBuilders Insurance Company and the acquisition of SPARTA, will be in excess of $3 billion.
Catalina Holdings is a long term consolidator in the non-life insurance/reinsurance run-off sector. It was established in 2005 to focus solely on the acquisition and management of non-life insurance/reinsurance companies in run-off.
Source: Catalina Holdings