Run-off specialist Catalina has acquired a portfolio of UK and EU insurance liabilities from UK-based Quinn Insurance.
Through its Irish subsidiary, Catalina Ireland, the company will acquire the liabilities. As part of the transfer process, Catalina will inject required capital into Catalina Ireland. The portfolio transfer process is expected to complete during the second half of 2015.
The subject portfolio had gross and net insurance liabilities of €463m and €461m, respectively, as at September 30, 2014.
Chris Fagan, chairman and chief executive of Catalina, said: “This transaction with Quinn Insurance which follows our agreement in 2014 with Delta Lloyd to reinsure over $200 million of legacy liabilities, demonstrates the growing value of Catalina’s platform in providing solutions for legacy liabilities across Europe.
“Together with our acquisition of Glacier Re in 2010, Catalina has now acquired over $1.1 billion of European run-off liabilities. We remain confident about our ability to help insurance and reinsurance companies dispose of non-core legacy liabilities across Europe in the future.”
Catalina, Europe, Bermuda, Quinn, Insurance, Chris Fagan, Reinsurance