Catalina Holdings (Bermuda) Ltd.* announced that its wholly owned subsidiary, Catalina Holdings UK Ltd., has completed its acquisition of AGF Insurance Ltd. from a subsidiary of Allianz SE, following approval from the Prudential Regulation Authority, the UK insurance regulator.
AGF is a UK regulated insurance company incorporated in 1960. It wrote predominantly direct employers and public liability insurance in the UK It ceased writing new business and went into run-off in 1999.
At Dec. 31, 2015, AGF had total assets of £270 million (US$389 million), undiscounted gross reserves of £185 million ($266 million), and pro-forma shareholder equity of £79 million (US$113 million).
Catalina announced in March of this year that it had signed a definitive agreement to acquire AGF. Catalina said it has acquired AGF from available resources.
* Catalina was established in 2005 to focus solely on the acquisition and management of non-life insurance/reinsurance companies in run-off.
Source: Catalina Holdings (Bermuda) Ltd.
Topics Mergers & Acquisitions
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