Catalina Holdings (Bermuda) Ltd. announced that, following consent from FINMA, the Swiss Financial Markets Supervisory Authority, it has completed the acquisition of Glacier Reinsurance AG, the Swiss-based reinsurance company in run-off.
The bulletin noted that Glacier Re, established in 2004, “wrote a diversified book of predominantly short tail reinsurance until it entered run-off in August 2010. As at 30 September 2010, it had total assets of $1.2 billion, gross technical reserves of $466 million, and net assets of $374 million.”
Catalina’s Chairman and CEO Chris Fagan commented: “I am pleased that our acquisition of Glacier Re has now completed successfully. Glacier Re is Catalina’s fourth acquisition in two years. It is also the largest acquisition to date of a European reinsurer in run-off and will add significantly to our existing business.”
He added that the company remains “acquisitive” and is “actively exploring a strong pipeline of opportunities in the run-off sector”.
Source: Catalina Holdings
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