Bermuda-based run-off acquirer Catalina has unveiled its first major transaction in 2012 with the purchase of HSBC's Irish legacy (re)insurers HSBC Reinsurance Ltd and HSBC Insurance (Ireland) Ltd.
The sale of the two businesses will complete later this year subject to regulatory approval from the Central Bank of Ireland. As of 31 March 2012, the (re)insurers had total assets of $273mn, it was revealed today.
The businesses predominantly wrote creditor, property, travel and motor business. HSBC Insurance (Ireland) Ltd was...
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