Catalina Completes Acquisition Of HFPI & DLM
Catalina Holdings [Bermuda] Ltd announced that its wholly owned subsidiary Catalina Holdings UK Limited has completed its acquisition of Hartford Financial Products International Limited [HFPI] and Downlands Liability Management Limited [DLM] from The Hartford Financial Services Group Inc. following approval from the Prudential Regulation Authority and the Bermuda Monetary Authority.
HFPI is a UK regulated insurance company into which The Hartford transferred the business of Excess Insurance Company Limited, Hart Re and certain business written by London & Edinburgh via a Part VII transfer which completed in October 2015.
At 31 March 2016 HFPI and DLM had combined total assets of £712m [US$1,023m], HFPI had undiscounted gross reserves of £477m [US$686m], and together they had combined shareholder equity of £223m [US$321m].
Completion of the transaction, which was funded from available resources, means Catalina has now completed 22 acquisitions with total gross run-off liabilities acquired of $4.5bn. Total assets of Catalina as at 31 December, 2016 pro forma for the acquisition were $3.7bn
