Bermuda-based run-off specialist Catalina has agreed to acquire Allianz Suisse Re, a subsidiary of Allianz.
Allianz Suisse Re is a Swiss regulated reinsurer incorporated in 2007 with the aim of running off an international reinsurance portfolio that was formerly underwritten by Allianz Suisse Versicherungs AG.
The transaction was made through Catalina’s wholly-owned Swiss subsidiary Glacier Reinsurance. It is expected to close in the fourth quarter of this year, is subject to approval by FINMA, the Swiss financial regulator.
This is Catalina’s fourth transaction in Switzerland and eighteenth since the business was established in 2005.
Chris Fagan, chairman and chief executive of Catalina, said: “We are very pleased to have reached agreement with Allianz on this transaction. It adds diversification to our growing business in Switzerland, and demonstrates our continued ability to provide solutions for legacy liabilities in Europe.”