Legacy insurer Catalina seeks Lloyd’s entry and more deals

Bermuda legacy player Catalina Holdings’ CEO said he is excited about the business and keen to source more acquisitions and enter Lloyd’s, as he unveiled the company’s 2021 results, which revealed a strong increase in its operating profit.

The company reported a net income of $177 million last year and net operating income of $86 million – a big improvement on the $9 million it made a year earlier. Its total shareholders’ equity as at December 31, 2021 was $1.4 billion, its total assets were $6.66 billion and total liabilities of $5.23 billion.

Ian Parker, Catalina’s group chief executive, said: “As shown in our FY2021 results this is an exciting time for Catalina, with the substantial increase in our net operating income, from $9 million in 2020 to $86 million in 2021, benefiting from strong investment income and favourable run-off income from Asia Capital Re, a transaction that completed in 2020.

“We are in a good place for making new acquisitions, with strength in our balance sheet and carried reserves. There is a high volume of deals in the current run-off market and we are already building momentum for 2022. Catalina has a strong history which we are seeking to build on.  We hope to secure an entry into Lloyd’s this year, via one of the increasing number of alternatives available to us, as there is little doubt that Lloyd’s is a growing market for the sector.”