Bermuda-based Catalina Holdings (Bermuda) Ltd has agreed to acquire Glacier Re, the Swiss-based reinsurer in run-off.The company reveled yesterday that it signed a definitive share purchase agreement on January 7. Terms were not disclosed.Subject to approval by the Swiss financial regulator FINMA, the acquisition is expected to complete in the first quarter of this year.Glacier Re was established in 2004 and wrote a diversified book of predominantly short tail reinsurance until it went into run-off in August 2010.As at September 30 last year, Glacier Re had total assets of $1.2 billion, gross technical reserves of $466 million, and net assets of $374 million. Catalina said the purchase price was at a discount to net asset value.Chris Fagan, Catalina’s chairman and chief executive, said: “Glacier Re fits our acquisition profile well and adds significantly to our existing business. We continue to be very acquisitive and are seeing an increased flow of run-off acquisition opportunities.”Catalina, which is based by major institutional backers including the Royal Bank of Scotland Group, Nomura International, Caisse de Depot et Placement du Quebec, the Ontario Teachers Pension Plan and Century Capital Management, offers owners of insurance and reinsurance companies and portfolios in run-off finality through outright acquisition or, alternatively, through a range of co-venturing, profit sharing or partnership structures.Other recent acquisitions concluded by Catalina, which was founded in 2005, include Quanta Capital Holdings in 2008, Alea UK in 2009 and Western General Insurance in 2010. With the Glacier Re acquisition taken into account, Catalina will have total assets of $2 billion.Catalina has offices and operations in Bermuda, New York, London and, following completion of the Glacier acquisition, Switzerland. Catalina offers finality and immediate capital release to owners of insurance and reinsurance companies and portfolios in run-off.