RiverStone International, the London-based provider of legacy solutions in the Lloyd’s market, has signed an agreement with members of the Catalina Group to acquire Catalina Insurance Ireland, an Irish insurance company regulated by the Central Bank of Ireland.
Financial details of the acquisition, which is subject to regulatory approvals, were not disclosed.
Catalina Insurance Ireland has two main portfolios: a German med-mal book and a UK motor portfolio. Total reserves were approximately US$350 million at the time of evaluation.
Luke Tanzer, chief executive officer of RiverStone International, said: “This acquisition demonstrates our commitment to delivering on our geographical expansion strategy, and in particular our objective to continue to grow our capabilities within the European market”.
RiverStone International operates in the UK company and Lloyd’s of London markets as well as Bermuda, and Europe. The company has transacted a wide variety of deals, ranging from insurance and reinsurance portfolio transfers to company purchases. It has acquired more than US$14.1billion of liabilities since 2010 and with around US$7.5billion of total liabilities.
Topics Mergers & Acquisitions
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