8th May 2022
Catalina Holdings (Bermuda), an industry leader in the insurance legacy retrospective space has announced that Catalina General, its wholly owned Bermuda-domiciled reinsurance company, has entered into an agreement with subsidiaries of QBE Insurance Group for a loss portfolio transfer of QBE’s legacy North American Excess and Surplus (E&S) lines prior accident year liabilities. The transaction is subject to regulatory approvals and certain closing conditions.
The reinsured portfolio consists of primary and excess general liability policies underwritten by subsidiaries of QBE between 2016 and 2020. Catalina General will assume losses incurred on the portfolio on or prior to 31st December 2021, the reserves for which approximated $334m as of the year-ending 2021. A US subsidiary of Catalina will provide administrative services on the reinsured portfolio.
Steve Ryland, Catalina’s Group head of Global Distribution, comments “We are thrilled to partner with QBE, a leading global insurer, on such an important transaction. This was a highly collaborative effort, and we appreciate QBE’s confidence in Catalina to deliver this solution for them. This loss portfolio transfer transaction reinforces Catalina’s position as a leading provider of retrospective reinsurance and capital solutions, globally.”
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