Catalina eyes Lloyd’s entry and new acquisitions in 2022 as profits surge

Bermuda-based legacy re/insurer  Catalina Holdings is seeking entry into the Lloyd’s market and eyeing new acquisitions to build its growth momentum for 2022.

Catalina’s new group chief executive Ian Parker (pictured) is excited about the business, which he says is in a “good place” following strong increase in its operating profit last year.

The company reported a net profit of $177 million for 2021 and net operating income of $86 million – a big improvement on the $9 million it made a year earlier. Its total shareholders’ equity as at December 31, 2021 was $1.4 billion, its total assets were $6.66 billion and total liabilities of $5.23 billion.

Parker said: “As shown in our FY2021 results this is an exciting time for Catalina, with the substantial increase in our net operating income, from $9 million in 2020 to $86 million in 2021, benefiting from strong investment income and favourable run-off income from Asia Capital Re, a transaction that completed in 2020.

“We are in a good place for making new acquisitions, with strength in our balance sheet and carried reserves. There is a high volume of deals in the current run-off market and we are already building momentum for 2022.”

He added: “ Catalina has a strong history which we are seeking to build on. We hope to secure an entry into Lloyd’s this year, via one of the increasing number of alternatives available to us, as there is little doubt that Lloyd’s is a growing market for the sector.”

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