Catalina Completes Acquisition of Glacier Re
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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