CATALINA ACQUIRES ASIA CAPITAL REINSURANCE

Bermuda-based Catalina Holdings has completed the acquisition of Asia Capital Reinsurance (ACR), a Singapore-headquartered reinsurance business in runoff. The deal was completed on March 31 following the receipt of regulatory approval from the Monetary Authority of Singapore and Bank Negara Malaysia. The acquisition, Catalina’s first in Asia, is said to be a strategic move to increase exposure to the Asian run-off market. ACR ceased writing new business in December 2019. Chris Fagan, Catalina’s chairman and CEO 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.”