Catalina Holdings (Bermuda) Ltd., the legacy re/insurance acquisition specialist, announced it has completed the acquisition of Asia Capital Reinsurance Group Pte. Ltd. (ACR), a Singapore-headquartered reinsurance business.
Following regulatory approval from the Monetary Authority of Singapore and Bank Negara Malaysia, the change of control took place on March 31.
Financial details of the transaction, which was first announced in December 2019, were not disclosed.
The acquisition is Catalina’s first in Asia and is a strategic move to increase exposure to the significant run-off market across the continent.
ACR ceased writing new business on Dec. 5, 2019 and all existing policies in force will be serviced until expiry.
As part of the leadership transition at ACR following its acquisition by Catalina, Bobby A. Heerasing is stepping down as ACR’s chief executive and executive director, effective March 31. Both positions will be assumed by Martin Kauer, formerly the chief executive officer and chief financial officer of Glacier Reinsurance AG, Catalina’s Switzerland-based reinsurance run-off company.
“This is a significant transaction for Catalina, as it gives us a strong platform from which to grow our Asian business and increase exposure to a significant and growing run off market,” commented Chris Fagan, chairman and chief executive, Catalina Holdings. “I am pleased with the integration of ACR to date, and look forward to executing similar Asia-based transactions in due course.”
“I am very pleased with the speed and efficiency with which this transaction has been handled and would like to extend my appreciation to the former ACR management team, led by Bobby, for its significant contributions as well as professionalism during this ownership transition period,” said Hsieh Fu Hua, chairman of ACR.
About Catalina Holdings (Bermuda)
With total assets of US$7.2 billion, Catalina Holdings (Bermuda) was established in 2005 to focus solely on the acquisition and management of non-life insurance/reinsurance companies in run-off. Since its foundation, Catalina has acquired or reinsured $9bn of non-life insurance and reinsurance liabilities. Catalina operates from 11 global offices situated across the United States, Bermuda, Ireland, United Kingdom and Switzerland.
Source: Catalina Holdings (Bermuda)
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