Catalina’s total assets up to $7.2bn following Asia Capital Re deal

Bermuda-based legacy re/insurer Catalina Holdings has completed the  acquisition of Asia Capital Reinsurance Group (ACR), a Singapore-headquartered reinsurance business.

The acquisition is Catalina’s first in Asia and is a strategic move to increase exposure to the significant run-off market across the continent.

Following the deal, Catalina has total assets of $7.2 billion.

As part of the leadership transition at ACR, Bobby Heerasing is stepping down as ACR’s chief executive and executive director on 31st March. Both positions will be assumed by Martin Kauer, formerly the chief executive officer and chief financial officer of Glacier Reinsurance AG, Catalina’s Switzerland-based reinsurance run-off company.

The change of control takes place on March 31 following regulatory approval from the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM).

ACR ceased writing new business on December 5, 2019 and all existing policies in force will be serviced until expiry.

Chris Fagan, chairman and chief executive of Catalina Holdings, said: “This is a significant transaction for Catalina, as it gives us a strong platform from which to grow our Asian business and increase exposure to a significant and growing run off market. I am pleased with the integration of ACR to date, and look forward to executing similar Asia-based transactions in due course.”

Mr Hsieh Fu Hua, chairman of ACR, added: “I am very pleased with the speed and efficiency with which this transaction has been handled and would like to extend my appreciation to the former ACR management team, led by Bobby, for its significant contributions as well as professionalism during this ownership transition period. I look forward to working with my new colleagues at Catalina in Asia.”