Catalina Buys Hartford Financial Products Int’l, Downlands Liability Management

Catalina Holdings (Bermuda) Ltd. announced that its wholly owned subsidiary, Catalina Holdings UK Ltd., has completed its acquisition of Hartford Financial Products International Ltd. and Downlands Liability Management Ltd. from The Hartford Financial Services Group Inc.

The acquisition of HFPI and DLM was completed after receiving approval from the Prudential Regulation Authority in the UK and the Bermuda Monetary Authority.

HFPI is a UK-regulated insurance company into which The Hartford transferred the business of Excess Insurance Co. Ltd., Hart Re (the UK branch of Hartford Fire) and certain business written by London & Edinburgh via a Part VII transfer, which completed in October 2015.

At March 31, 2016, HFPI and DLM had combined total assets of £712 million (US$1.023 billion), HFPI had undiscounted gross reserves of £477 million (US$686 million), and together they had combined shareholder equity of £223 million (US$321 million).

Completion of the transaction, which was funded from available resources, means Catalina has now completed 22 acquisitions with total gross re/insurance run-off liabilities acquired of $4.5 billion.

Established in 2005, Catalina Holdings (Bermuda) Ltd. is a long-term consolidator in the non-life re/insurance run-off sector. Shareholders are financial institutions including funds managed by Apollo Global Management, Ontario Teachers’ Pension Plan and Caisse de depot et placement du Quebec.

Related:

• The Hartford Signs $1.5 Billion Reinsurance Deal Covering Asbestos Liability
• Catalina to Buy Hartford Financial Products International & Downlands Liability Management

Topics Mergers & Acquisitions USA