RiverStone completes acquisition of Catalina’s Irish unit

Legacy re/insurer RiverStone International has completed the acquisition of Catalina Insurance Ireland, a unit of Bermuda-based Catalina Holdings. 

Catalina Insurance Ireland has reserves of about $350 million emanating mainly from a German medical malpractice portfolio and a UK and Irish motor portfolio. The acquisition closed on February 2 after receiving regulatory approval in January. 

Luke Tanzer, group chief executive officer of RiverStone International, said: “We are very pleased to welcome the Irish team to RiverStone International. This acquisition demonstrates our commitment to delivering on our geographical expansion strategy, and in particular our objective to continue to grow our capabilities within the European market."

RiverStone International says it is the largest acquirer and reinsurer of legacy and discontinued insurance business in the Lloyd’s market. Riverstone also operates in the UK company, Bermuda and European markets. It has acquired more than $14.1billion of liabilities since 2010. 

Catalina Holdings has transitioned from being a property and casualty legacy re/insurer to life re/insurance.