Catalina reinsures Delta Lloyd marine liabilities

Bermuda-based run-off specialist Catalina Holdings has entered into an agreement to reinsure the marine insurance liabilities in run-off of Delta Lloyd Group.

The assets, which are in excess of $200 million, will be reinsured by Catalina’s wholly owned Swiss subsidiary, Glacier Reinsurance AG. The transaction is subject to Swiss regulatory approval.

Catalina’s total assets for this transaction and the recently announced acquisition of Sparta will be in excess of $3.1 billion, said the company.

Chris Fagan, chairman and chief executive of Catalina, said: “Our agreement with Delta Lloyd demonstrates the value of Catalina’s platform in providing solutions for legacy liabilities in Europe. This is a substantial portfolio, in excess of $200m equivalent, and we are confident about the potential to complete similar transactions across Europe in the future.”