Catalina Holdings (Bermuda) Ltd (“Catalina”)

Catalina Holdings (Bermuda) Ltd (“Catalina”)
Catalina enters into an agreement with Quinn Insurance Limited (under administration) for
the portfolio transfer of legacy insurance liabilities
(January 7, 2015) Hamilton, Bermuda - Catalina Holdings (Bermuda) Ltd (“Catalina”) announces that it has,
through its wholly owned subsidiary, Catalina Insurance Ireland Limited (“Catalina Ireland”), signed a
definitive agreement with Quinn Insurance Limited (under administration) (“Quinn Insurance”) under which
a portfolio of UK and EU insurance liabilities in run-off will be transferred to Catalina Ireland. Catalina Ireland
is domiciled in Ireland and regulated by the Central Bank of Ireland.
The subject portfolio had gross and net insurance liabilities of €463m and €461m , respectively, as at
September 30, 2014. The portfolio transfer will be subject to regulatory approval in Ireland and the approval
of the High Court of Ireland. As part of the transfer process, Catalina will inject required capital into Catalina
Ireland. The portfolio transfer process is expected to complete during the second half of 2015.
Total assets of Catalina pro forma for this transaction will be in excess of US$3.3 bn.
Chris Fagan, Chairman and Chief Executive of Catalina, said:
“This transaction with Quinn Insurance which follows our agreement in 2014 with Delta Lloyd to reinsure
over $200m of legacy liabilities, demonstrates the growing value of Catalina’s platform in providing solutions
for legacy liabilities across Europe. Together with our acquisition of Glacier Re in 2010, Catalina has now
acquired over $1.1bn of European run-off liabilities. We remain confident about our ability to help insurance
and reinsurance companies dispose of non-core legacy liabilities across Europe in the future.”
For media enquiries, please contact:
Instinctif Partners
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About Catalina Holdings (Bermuda) Ltd
Catalina Holdings (Bermuda) Ltd (“Catalina”) is a long term consolidator in the non-life
insurance/reinsurance run-off sector. Catalina was established in 2005 to focus solely on the acquisition
and management of non-life insurance/reinsurance companies in run-off. Our shareholders are substantial
financial institutions including funds managed by Apollo Global Management, Ontario Teachers’ Pension
Plan and Caisse de Depot et Placement du Quebec. Since its foundation, Catalina has acquired or reinsured
over $3.6bn of non-life insurance and reinsurance liabilities in run-off. Catalina has received approvals from
Bermudian, Irish, Swiss, UK (FSA/PRA and Lloyd’s) and various US state insurance regulators for prior
acquisitions and reinsurance transactions. We currently maintain offices in Bermuda, Denver, Dublin,
Hartford, London, New York and Pfaffikon, Switzerland, with over 140 employees. For further details about
Catalina’s acquisitions or its management team please refer to