Catalina General Insurance Ltd, the Bermudian-domiciled reinsurance company, has entered into an agreement with subsidiaries of QBE Insurance Group Ltd for a loss portfolio transfer of QBE’s legacy North American excess and surplus lines prior accident year liabilities.

Parent company Catalina Holdings (Bermuda) Ltd, an industry leader in the insurance legacy retrospective space, said the transaction is subject to regulatory approvals and certain closing conditions.

The reinsured portfolio consists of primary and excess general liability policies underwritten by subsidiaries of QBE between 2016 and 2020.

Catalina General will assume losses incurred on the portfolio on or prior to December 31, 2021, the reserves for which approximated $334 million as of the year-ending 2021.

A US subsidiary of Catalina will provide administrative services on the reinsured portfolio.

Steve Ryland, Catalina’s group head of global distribution, said: “We are thrilled to partner with QBE, a leading global insurer, on such an important transaction.

“This was a highly collaborative effort, and we appreciate QBE’s confidence in Catalina to deliver this solution for them.

“This loss portfolio transfer transaction reinforces Catalina’s position as a leading provider of retrospective reinsurance and capital solutions, globally.”