Bermuda-based run-off specialist Catalina has completed its acquisition of Allianz Suisse Re, a subsidiary of Allianz.
The transaction, which was approved by the Swiss financial regulator FINMA, was made through Catalina’s wholly-owned Swiss subsidiary Glacier Reinsurance.
The reinsurer was incorporated in 2007 with the aim of running off an international reinsurance portfolio that was formerly underwritten by Allianz Suisse Versicherungs AG. It will be renamed Catalina Reinsurance (Switzerland).
This is Catalina’s fourth transaction in Switzerland and eighteenth since the business was established in 2005.