31 October 2017Insurance

Catalina takes over $190m US loss portfolio

Bermuda-based run-off firm Catalina Holdings said on Oct. 31 that its wholly owned subsidiary Alea North America Insurance agreed to take over a portfolio of legacy US insurance liabilities in run-off from Samsung Fire and Marine Insurance US branch.

The portfolio consists mainly of US general liability, workers compensation, auto liability and property. As of Dec. 31, 2016 the portfolio had gross insurance liabilities of $190 million. The portfolio transfer is subject to regulatory approval in the US. The deal is expected to close in the fourth quarter of 2017.

Earlier in October private equity firm Apollo Global Management signed a definitive agreement to acquire a majority shareholding in Catalina Holdings.

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