Catalina Holdings has announced that it’s UK subsidiary has completed the acquisition of Hartford Financial Products International (HFPI) and Downlands Liability Management (DLM), from The Hartford Financial Services Group.
The announcement comes after the insurer received Prudential Regulation Authority (PRA) and Bermuda Monetary Authority (BMA) approval to finalise the purchase.
HFPI is a UK regulated insurance company and the recipient of Hartford’s transfer of its Excess Insurance Company business, Hart Re, as well as businesses written by London & Edinburgh in 2015, via a Part VII transfer.
In March last year HFPI and DLM boasted total combined assets of £712m (US$1.023bn), and a combined shareholder equity of £223m (US$321mn).
The completion of this transaction bumped Catalina’s total acquisitions up to 22, with a total gross run-off liabilities acquired of $4.5 billion.