Catalina to buy Samsung run-off portfolio
Run-off specialist Catalina Holdings (Bermuda) Ltd has agreed to acquire a portfolio of legacy insurance liabilities from the US branch of Samsung Fire and Marine Insurance Co.
The run-off portfolio will be transferred to Catalina’s wholly owned subsidiary, Alea North America Insurance Co.
The deal was announced two weeks after US private-equity firm Apollo Global Management bought a controlling interest in Catalina.
The Samsung portfolio consists mainly of US general liability, workers’ compensation, auto liability and property and, as at December 31, 2016 it had gross insurance liabilities of $190 million.
The portfolio transfer is subject to regulatory approval in the US from the New York Department of Financial Services and is expected to close before the end of this year.
Catalina acquires and manages insurance and reinsurance businesses and portfolios that have stopped writing new business.