Catalina Gets Lloyd’s ‘in Principle’ Approval to Launch Asta-Managed Syndicate 3232

Asta, the third-party managing agent at Lloyd’s, and Bermuda-based Catalina Group, a global provider of legacy reinsurance and capital solutions, announced that Lloyd’s have granted “in principle” approval of a new syndicate to underwrite reinsurance-to-close (RITC) transactions, within the Lloyd’s market.

Managed by Asta, Catalina Syndicate 3232 is aiming to commence accepting business into the 2023 year of account, and will be capitalized through a wholly aligned corporate member owned by Catalina. With the expertise and infrastructure of the Catalina Group behind it, the syndicate’s strategy is to target larger-sized transactions,

“By combining Asta’s proven third-party syndicate-management acumen with our 17 years of expertise in the retrospective reinsurance space and the backing of our highly-regarded shareholders, Catalina Syndicate 3232 will immediately bring a strong and credible new player to support the larger deals in Lloyd’s,” commented Catalina Group Chief Executive Officer Ian Parker.

“Catalina is a market leader in the legacy sector, and its expertise and robust capital resources are a welcome addition to Lloyd’s. We continue to see the desire among the managing agency community to find solutions for back-year portfolios, allowing syndicates to focus on their core business of underwriting new risk, whilst leaving run-off to the specialists,” according to Asta Chief Executive Officer Lorraine Harfitt.

“The combination of Asta and Catalina will increase the options available to managing agents looking to do this and will extend the range of solutions which Asta can provide across the syndicate lifecycle,” Harfitt added.

About Asta and Catalina

Asta Managing Agency Ltd. is responsible for 10 syndicates, six syndicates-in-a-box (SIABs), one special purpose arrangement (SPA) and four managing general agents (MGAs) with capacity under management in 2022 of more than £1.5 billion.

Catalina is a leading global provider of capital management and risk transfer solutions to the global P/C insurance sector. Catalina acquires non-life re/insurance liabilities and provides risk transfer solutions for blocks of business for clients seeking to improve their return on equity and/or improve their capital position and profitability.

Catalina has completed 31 acquisitions and/or loss portfolio transfers to date with total reserves more than $10 billion. Catalina reported consolidated net income of $177 million for the year ended Dec. 31, 2021, and net operating income of $86 million.

Source: Asta and Catalina

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