RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, has signed an agreement with members of the Catalina Group to acquire Catalina Insurance Ireland, an Irish insurance company regulated by the Central Bank of Ireland.
The acquisition, which remains subject to regulatory approvals, is set to broaden RiverStone International’s European reach.
According to RiverStone, Catalina Insurance Ireland has two main portfolios, a German med-mal book and a UK motor portfolio.
Total reserves were approximately $350m at the time of evaluation.
Luke Tanzer, chief executive officer of RiverStone International, commented, “This acquisition demonstrates our commitment to delivering on our geographical expansion strategy, and in particular our objective to continue to grow our capabilities within the European market.”
In related news, back in June, RiverStone International announced the appointments of Heather Thomas and Jose Vazquez as independent Non-Executive Directors of its UK subsidiaries RiverStone Insurance UK Limited and Riverstone Managing Agency Limited.
