4 April 2018News

Catalina buys 5% stake in Maiden for $27.3m

Catalina Holdings (Bermuda), a company that acquires and manages re/insurance companies in run-off, has acquired a 5.01 percent stake in Maiden Holdings.

The SEC filing said the acquisition of the common stock is for “investment purposes”.

The shares of common stock were purchased at an aggregate purchase price - excluding brokerage commissions - of $27.3 million, according to a regulatory filing. The source of the funds used by Catalina to purchase the common stock was working capital of Catalina.

Catalina made a series of purchases of Maiden's shares of common stock dating from February 5. The 20th and most recent purchase of 350,000 shares of common stock at $6.848 brought Catalina's ownership of Maiden's shares to over 5 percent. Catalina intends to review its investment in the Issuer on a continuing basis.

In terms of acquiring re/insurance entities in run-off, Catalina has made 24 acquisitions since 2005.




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More on this story

News
25 April 2018   Catalina Holdings (Bermuda) has announced that has assumed a portfolio of US property & casualty liabilities in run off from Arch Reinsurance.
News
6 September 2018   Catalina Holdings has announced that Parri Spector has joined the business as director of M&A and reinsurance transactions.
News
11 October 2018   Catalina Holdings has closed a $700 million equity capital raise and concluded its shareholder restructuring after getting regulatory approvals.