Catalina Holdings (Bermuda) Ltd. announced its wholly owned Swiss subsidiary, Glacier Reinsurance AG, has signed a definitive agreement to acquire Allianz Suisse Ruckversicherungs-Gesellschaft AG from Allianz SE.
Allianz Suisse Re is a Swiss regulated reinsurer incorporated in 2007 with the aim of running off an international reinsurance portfolio formerly underwritten by Allianz Suisse Versicherungs AG.
At June 30, 2015 and adjusted for pre-transaction dividends, Allianz Suisse Re had total assets of CHF87million ($89.8 million), gross reserves of CHF41million ($42.3 million), and shareholder equity of CHF42million ($43.4 million).
Catalina, which acquires and manages non-life insurance and reinsurance companies and portfolios in run-off, will acquire Allianz Suisse Re from available resources.
The transaction, which is expected to close in the fourth quarter this year, is subject to approval by FINMA the Swiss financial regulator.
This is Catalina’s fourth transaction in Switzerland and eighteenth since the business was established in 2005.
Chris Fagan, chairman and chief executive of Catalina, said:
“We are very pleased to have reached agreement with Allianz on this transaction. It adds diversification to our growing business in Switzerland, and demonstrates our continued ability to provide solutions for legacy liabilities in Europe.”
Source: Catalina Holdings (Bermuda) Ltd.
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