Catalina completes purchase of Allianz-owned run-off insurer

Catalina Holdings UK, a wholly-owned subsidiary of Catalina Holdings (Bermuda), has completed its acquisition of AGF Insurance from a subsidiary of Allianz.

The agreement was announced in March 2016, and has since received approval from the Prudential Regulation Authority, the UK insurance regulator.

Incorporated in 1960, AGF predominantly wrote direct employers and public liability insurance in the UK.

AGF ceased writing new business and went into run-off in 1999.

As of December 31 2015, AGF had total assets of £270 million ($389 million), undiscounted gross reserves of £185 million, and pro-forma shareholder equity of £79 million.