Leading provider of retrospective reinsurance and capital solutions, Catalina Holdings (Bermuda) Ltd, has announced that its wholly owned Bermuda-domiciled reinsurance company – Catalina General Insurance Ltd has completed a previously announced loss portfolio transfer retrocession agreement with subsidiaries of QBE Insurance Group Ltd.
The agreement relates to QBE’s legacy North American Excess and Surplus (E&S) portfolio.
Moreover, the deal was first announced earlier in May, and was 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, with reserves of approximately $334 million as of December 31, 2021.
Ian Parker, Catalina’s Group Chief Executive Officer, commented: “This has been a great transaction to work on with QBE. With highly efficient teams from both sides working collaboratively we are delighted to have closed this so quickly. We look forward to exciting future working together.”
