QBE enters $334m legacy deal with Catalina General Insurance

QBE Insurance Group has entered into a loss portfolio transfer agreement with legacy specialist  Catalina Holdings.

Catalina General Insurance, its wholly owned Bermuda-domiciled reinsurance company, has agreed with subsidiaries of  QBE Insurance Group for a loss portfolio transfer of  QBE’s legacy North American excess and surplus lines prior accident year liabilities. The transaction is subject to regulatory approvals and certain closing conditions.

The reinsured portfolio consists of primary and excess general liability policies underwritten by subsidiaries of  QBE between 2016 and 2020.  Catalina General will assume losses incurred on the portfolio on or prior to December 31, 2021, the reserves for which approximated $334 million as of the year ending 2021. A US subsidiary of  Catalina will provide administrative services on the reinsured portfolio.

“We are thrilled to partner with  QBE, a leading global insurer, on such an important transaction,” Steve Ryland,  Catalina’s group head of global distribution, said. This was a highly collaborative effort, and we appreciate  QBE’s confidence in  Catalina to deliver this solution for them. This loss portfolio transfer transaction reinforces Catalina’s position as a leading provider of retrospective reinsurance and capital solutions, globally.”

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