Catalina changes its structure to expand
Catalina Holdings has announced that Catalina General Insurance, its wholly owned Bermuda-domiciled reinsurance company, has agreed with subsidiaries of QBE Insurance Group for a loss portfolio transfer of QBE’s legacy North American excess and surplus lines prior accident year liabilities. The transaction is subject to regulatory approvals and certain closing conditions.
The reinsured portfolio consists of primary and excess general liability policies underwritten by subsidiaries of QBE between 2016 and 2020. Catalina General will assume losses incurred on the portfolio on or prior to 31 December, 2021, the reserves for which approximated $334 million as of the year ending 2021. A US subsidiary of Catalina will provide administrative services on the reinsured portfolio.
“We are thrilled to partner with QBE, a leading global insurer, on such an important transaction,” Steve Ryland, Catalina’s group head of global distribution, said. This was a highly collaborative effort, and we appreciate QBE’s confidence in Catalina to deliver this solution for them. This loss portfolio transfer transaction reinforces Catalina’s position as a leading provider of retrospective reinsurance and capital solutions, globally.”