Catalina acquires Arch Re US P&C book
Bermuda-based Catalina Holdings has, through its wholly-owned subsidiary Catalina General Insurance, assumed a portfolio of US property & casualty liabilities in runoff from Arch Reinsurance with net outstanding reserve of approximately $410 million.
The portfolio consists of discontinued programme business issued by managing general agents (MGAs) 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 April 20, 2018 following regulatory approval from the Bermuda Monetary Authority (BMA). Total assets of Catalina pro forma for this transaction will be $4.5bn.
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