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Hamilton, Bermuda – 31st March 2020 – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the legacy (re)insurance space, is pleased to announce that it has completed the acquisition of Asia Capital Reinsurance Group Pte. Ltd. (“ACR”), a Singapore-headquartered reinsurance business.
Following regulatory approval from the Monetary Authority of Singapore (“MAS”) and Bank Negara Malaysia (“BNM”), the change of control took place today (31st March).
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.
ACR ceased writing new business on 5th December 2019 and all existing policies in force will be serviced until expiry.
As part of the leadership transition at ACR following its acquisition by Catalina, Mr Bobby A. Heerasing is stepping down as ACR’s Chief Executive and Executive Director on 31st March. Both positions will be assumed by Mr Martin Kauer, formerly the Chief Executive Officer and Chief Financial Officer of Glacier Reinsurance AG, Catalina’s Switzerland-based reinsurance run-off company.
Pro forma for the acquisition of ACR, Catalina has total assets of US$7.2 billion.
Commenting on the close, Mr Chris Fagan, Chairman and Chief Executive, 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.”
About Catalina Holdings (Bermuda) Ltd
Catalina Holdings (Bermuda) Ltd (“Catalina”) is a long-term consolidator in the non-life insurance/reinsurance run-off sector. Catalina was established in 2005 to focus solely on the acquisition and management of non-life insurance/reinsurance companies in run-off. Since its foundation, Catalina has acquired or reinsured $9bn of non-life insurance and reinsurance liabilities. Catalina has received approvals from Bermudian, Irish, Malaysian, Singaporean, Swiss, UK (PRA and FCA) and various US state insurance regulators for prior acquisitions and reinsurance transactions. Catalina operates from 11 global offices situated across the United States, Bermuda, Ireland, United Kingdom and Switzerland. For further details about Catalina’s acquisitions or its management team please refer to www.catalinare.com.