Bermuda-based run-off specialist Catalina has announced it is to acquire Allianz Suisse Re, a subsidiary of Allianz.
The transaction, which is subject to approval by the Swiss financial regulator FINM, was made through Catalina’s wholly-owned Swiss subsidiary Glacier Reinsurance. It is expected to close in the fourth quarter of this year.
Allianz Suisse Re is a Swiss regulated reinsurer incorporated in 2007 with the aim of running off an international reinsurance portfolio that was formerly underwritten by Allianz Suisse Versicherungs AG.
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.”
This is Catalina’s fourth transaction in Switzerland since the business was established in 2005.