PEMBROKE, Bermuda--(BUSINESS WIRE)--Jan. 18, 2018--
Catalina Holdings (Bermuda) Ltd (“Catalina”) and RenaissanceRe Holdings
Ltd. (“RenaissanceRe”) (NYSE:RNR) are pleased to announce that
RenaissanceRe Ventures Ltd., a subsidiary of RenaissanceRe, has signed a
definitive agreement to acquire a minority shareholding in Catalina. The
agreement is subject to regulatory approval and is expected to close
concurrently with the majority acquisition of Catalina by affiliates of
Apollo Global Management (“Apollo”).
The transaction will see RenaissanceRe become a minority shareholder in
Catalina, joining Apollo and its affiliates who signed a definitive
agreement to acquire a majority shareholding in October 2017. Aditya
Dutt, President of Renaissance Underwriting Managers, Ltd., will join
the Catalina board of directors.
RenaissanceRe’s investment will provide strategic benefits to Catalina
and help the business to explore a wider range of transaction structures
as it continues to execute its growth strategy that has seen the
business grow steadily and consistently over many years.
Chris Fagan, Chairman and Chief Executive of Catalina, said: “We’re
delighted to welcome RenaissanceRe as shareholders in Catalina. They
join us at time of significant opportunity to help us capitalize on the
continued growth of the non-life legacy sector.
“Together with Apollo, our new shareholders provide us with access to
additional expertise and substantial financial resources that will help
us to take advantage of the vast array of legacy market opportunities we
continue to see, driving our business through the next phase of its
growth, and strengthening our position as one of the legacy market’s
Kevin O'Donnell, President and Chief Executive Officer of RenaissanceRe,
commented: “We are pleased to partner with Catalina as they have
demonstrated a strong, consistent track record in managing legacy
businesses. This transaction is consistent with our strategy to expand
the suite of capabilities at our disposal to bring to our clients,
through partnership with a proven industry leader. We look forward to
working with the Catalina team on new opportunities.”
Since being founded in 2005, Catalina has completed 24 transactions
acquiring $5.6 billion of non-life insurance and reinsurance
liabilities, and as at 30 September 2017 had total assets of $3.6
billion and shareholders’ equity of $719 million.
About Catalina Holdings (Bermuda) Ltd
Catalina is a long-term consolidator in the non-life
insurance/reinsurance run-off sector. Catalina was established in 2005
to focus solely on the acquisition and management of non-life
insurance/reinsurance liabilities in run-off. Since its foundation,
Catalina has acquired or reinsured $5.6bn of non-life insurance and
reinsurance liabilities. Catalina has received approvals from Bermudian,
Irish, Swiss, UK (FSA/PRA and Lloyd’s) and various US state insurance
regulators for prior acquisitions and reinsurance transactions. Catalina
maintains offices in Bermuda, Denver, Dublin, Hartford, London, New York
and Pfaffikon, Switzerland, with approximately 180 employees. For
further details about Catalina’s acquisitions or its management team
please refer to www.catalinare.com.
RenaissanceRe is a global provider of reinsurance and insurance that
specializes in matching well-structured risks with efficient sources of
capital. The company provides property, casualty and specialty
reinsurance and certain insurance solutions to customers, principally
through intermediaries. Established in 1993, RenaissanceRe has offices
in Bermuda, Ireland, Singapore, the United Kingdom, and the United
All statements other than present and historical facts and conditions
contained in this press release, including any statements regarding any
future results of operations and financial positions, business strategy,
plans and any objectives for future operations, are forward-looking
statements and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements are
only predictions and reflect the applicable party’s current beliefs and
expectations with respect to future events and are based on assumptions
and subject to risk and uncertainties and subject to change at any time.
We operate in a very competitive and rapidly changing environment. New
risks emerge from time to time. Given these risks and uncertainties, you
should not place undue reliance on these forward-looking statements.
Actual events or results may differ materially from those contained in
the projections or forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180118006374/en/
Source: RenaissanceRe Holdings Ltd.
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