Bermuda-based Catalina Holdings Ltd has completed a deal to acquire a $77 million portfolio of residential construction liabilities from NationsBuilders Insurance Company.

The run-off specialist announced yesterday that it had received regulatory approvals from the Bermuda Monetary Authority and the District of Columbia Department of Insurance, Securities and Banking, allowing the deal first announced last June to go through.

The portfolio was transferred via a novation to Catalina’s wholly owned Bermuda subsidiary, Catalina General Insurance Ltd.