Catalina Holdings (Bermuda) Ltd has agreed to access a $2 billion run-off portfolio of employers’ accountability behavior from Zurich Insurance.
The Bermudian-based run-off specialist was additional by a $700 actor basic accession in October that added its assets for acquisitions.
The portfolio actuality transferred to Catalina includes the majority of Zurich’s UK employers’ accountability behavior for 2006 and above-mentioned underwriting years.
The aboriginal date of the transaction will absorb a reinsurance of accordant behavior from Zurich to Catalina General Allowance Ltd, Catalina’s Bermudian reinsurance subsidiary.
The additional date involves an Irish area 13 allowance business alteration of liabilities to Catalina London Ltd.
The transaction is accountable to authoritative approvals and the approval of the High Court in Ireland for the allowance business transfer.
Total assets of Catalina pro forma for this transaction will be $6 billion.
Chris Fagan, administrator and arch controlling of Catalina, said: “This transaction with Zurich demonstrates our adeptness to assassinate on beyond and circuitous transactions.
“Our essentially added banking firepower gives us ambit to accommodate certitude solutions to a ambit of abundant beyond bequest bazaar opportunities as the area develops into a added accustomed and advantageous allotment of the allowance market.
“Our clue almanac and cogent banking assets accumulated with our capital-efficient, bargain operating platforms positions us to accommodate acute amount solutions to businesses attractive to alteration bequest allowance portfolios.”
Neil Freshwater, CEO of Zurich Bequest Solutions added: “The auction of this bequest portfolio reflects Zurich’s action to abridge our business, administer accident and focus on advancing operations.
“For this abundant portfolio, it was important for us to accretion addition who would accept the experience, ability and accommodation to advance the administration focus and account standards to our barter and claimants. To that end, we are captivated to be alive afresh with Catalina.”
Catalina was accustomed in 2005 to focus alone on the accretion and administration of non-life allowance and reinsurance companies in run-off.
Since its foundation, Catalina has acquired or reinsured over $7.5 billion of non-life allowance and reinsurance liabilities beyond 28 transactions.
Catalina has offices in Bermuda, Denver, Dublin, Hartford, London, New York and Pfaffikon, Switzerland, and has about 180 employees.
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