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.

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Other stories from Tuesday's AM newsletter

AIG hires general insurance CEO international from MetLife

Everest Re reports $0.6bn loss in Q3

Qatar Re Singapore CEO leaves, successor appointed

AIG rebrands tech unit acquired from Hamilton

CCRIF pays $7.0m to Trinidad & Tobago for excess rainfall

Liberty appoints senior war and terrorism underwriter from Sompo

RSA appoints commercial director Europe

Don't miss our insurtech email newsletter - sign up today