Catalina makes first acquisition in Asia with Asia Capital Reinsurance

Catalina Holdings has acquired Asia Capital Reinsurance Group (ACR), a Singapore-headquartered reinsurance business, which becomes its first acquisition in Asia.

The deal has received regulatory approval from the Monetary Authority of Singapore and Bank Negara Malaysia, with the change of control taking place on March 31.

Bobby Heerasing, ACR’s chief executive and executive director, has stepped down. Both positions have been assumed by Martin Kauer, formerly the chief executive officer and chief financial officer of Glacier Reinsurance, Catalina’s Switzerland-based reinsurance run-off company.

ACR ceased writing new business on December 5, 2019. All existing policies will be serviced until expiry.

Pro forma for the acquisition of ACR, Catalina has total assets of $7.2 billion.

Chris Fagan, Catalina’s chairman and chief executive, said the transaction provides a “strong platform from which to grow our Asian business and increase exposure to a significant and growing run off market.”

Hsieh Fu Hua, chairman of ACR, said he was very pleased with the speed and efficiency with which this transaction was handled.