Catalina’s Completes New Acquisitions
Bermuda’s Catalina Holdings announced that following regulatory approval from the Colorado and Hawaii Departments of Insurance, it has completed the acquisition of Residential Loss Control Holdings, which owns two risk retention groups, National Home Insurance Company and Residential Insurance Company, based respectively in Colorado and Hawaii.
“NHIC and RIC underwrote new home warranty businesses until they were placed into run-off in August 2010,” said the Bermuda firm. As of June 30, 2011, and as adjusted for a pre closing dividend, “RLCH had total assets of $168.4 million, gross technical reserves of $113.7 million and net assets of $19.4 million. The purchase price was at a discount to net asset value.”
Catalina’s chairman and Chief Executive Chris Fagan commented: “I am pleased that our acquisition of RLCH, Catalina’s third over the last 14 months, has now completed successfully. Catalina and RLCH have a longstanding business relationship through our Quanta subsidiary and this is a good addition to our existing US business. We remain very acquisitive, and continue to explore an increasing flow of run-off acquisition opportunities.”
Headquartered in Cumberland House on Victoria Street, Catalina Holdings acquires and manages non-life insurance and reinsurance companies and portfolios in run-off.
Catalina’s geographical focus is in Bermuda, the US and UK, mainland Europe, and the Middle and Far East including Australia, Singapore and Hong Kong.
