Bermudian-based Catalina Holdings (Bermuda) Ltd has completed the acquisition of a UK insurer in run-off.

Catalina Holdings UK Ltd, the company’s wholly owned subsidiary, has acquired AGF Insurance Ltd from a subsidiary of Allianz SE, following approval from the Prudential Regulation Authority, the UK insurance regulator.

AGF is a UK-regulated insurance company incorporated in 1960. It wrote predominantly direct Employers and Public liability insurance in the UK. It ceased writing new business and went into run-off in 1999.

At 31 December 2015 AGF had total assets of £270 million ($389 million), undiscounted gross reserves of £185 million ($266 million), and pro-forma shareholder equity of £79 million ($113 million).

Catalina announced in March this year that it had signed a definitive agreement to acquire AGF. Catalina has acquired AGF from available resources.