Catalina Holdings (Bermuda) has announced that has assumed a portfolio of US property & casualty liabilities in run off from Arch Reinsurance.
The company carried out the deal through its wholly owned subsidy Catalina General Insurance and the portfolio has a net outstanding reserve of approximately $410 million.
The portfolio consists of discontinued program business issued by managing general agents across the US, written from 2002 to 2017, as well as a book of discontinued construction defect business written between 2002 and 2013. As part of the transaction, Catalina is also providing collateralised reinsurance cover for the portfolio.
The transaction closed on 20th April 2018 following regulatory approval from the Bermuda Monetary Authority.
Total assets of Catalina pro forma for this transaction will be $4.5 billion.
Catalina, Arch Re, run-off, portfolio, acquisition