Twelve Capital leads private debt issuance by Catalina

Twelve Capital Group has revealed that it was the lead investor in $45.5 million private debt transaction with Catalina General Insurance, a subsidiary of Catalina Holdings, Bermuda.

The floating rates subordinated ten year notes are Tier 2 eligible and will increase the company’s statutory capital. The proceeds will be used to enhance both the strength and efficiency of the capital structure as well as to support Catalina’s successful growth strategy.

Catalina’s institutional shareholders are Caisse De Depot et Placement Du Quebec, funds managed by Apollo Global Management and Ontario Teachers' Pension Plan Board.

Twelve Capital Group is an investment manager specialising in insurance investments including private debt.

John Butler, CEO of Twelve Capital UK, said: “We are pleased that our offering around Private Debt is meeting the capital needs of high quality insurers as well as regulatory requirements in Bermuda, which is one of Twelve Capital Group’s target markets.”

Ulrich Beck, ED, leading Twelve Capital’s sourcing of Private Debt transactions in Europe, added: “Twelve Capital Group’s private debt offering supports insurance companies in their quest to strengthen and to create a more efficient capital base. We are proud that Catalina has chosen Twelve Capital as their partner for this transaction.”

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