Bermuda-based insurance and reinsurance run-off and legacy specialist, Catalina Holdings, has completed its previously announced acquisition of Singapore headquartered reinsurer, Asia Capital Reinsurance Group Pte. Ltd.
The change of control of the Asian reinsurer is effective March 31st, 2020 and marks the completion of Catalina’s first acquisition in Asia, with the firm eager to increase its exposure to the significant run-off market across the region.
The deal has now been approved by both the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia. On December 5th, 2019 Asia Capital Reinsurance stopped writing new business and all existing policies in force will be serviced until their expiration date.
Following the takeover, Bobby Heerasing is stepping down as Chief Executive Officer (CEO) and Executive Director of Asia Capital Reinsurance, with both roles being assumed by Martin Kauer, formerly the CEO and Chief Financial Officer (CFO) of Glacier Reinsurance AG, Catalina’s Switzerland-based run-off reinsurer.
Chris Fagan, Chairman and CEO of Catalina Holdings, commented: “This is a significant transaction for Catalina, as it gives us a strong platform from which to grow our Asian business and increase exposure to a significant and growing run off market. I am pleased with the integration of ACR to date, and look forward to executing similar Asia-based transactions in due course.”
Hsieh Fu Hua, Chairman of Asia Capital Reinsurance, added: “I am very pleased with the speed and efficiency with which this transaction has been handled and would like to extend my appreciation to the former ACR management team, led by Bobby, for its significant contributions as well as professionalism during this ownership transition period. I look forward to working with my new colleagues at Catalina in Asia.”