Catalina
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The Bermudian legacy carrier is seeking a counterparty to manage the claims on the portfolio. -
The executive joined the legacy carrier as CIO in 2020.
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The bids received did not meet the seller’s reserve price, and it is likely to remarket the unit in two to three years.
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The legacy carrier reported unrealised losses of more than $345mn for 2022, up from $78mn the year prior.
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In the wake of Enstar's $5.1bn go-private deal, here's our prior deep dive on the firm.
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Investment bank Macquarie has been retained to advise the legacy firm on the disposals.
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Dean Dwonczyk established Catalina in 2005 with former UK CEO Chris Fagan, who exited the business in February 2021.
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The legacy acquirer will reweight its portfolio towards life run-off, moving away from P&C deals which it deems less attractive, sources said.
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CEO Marc Rowan said P&C business is “not that attractive”.
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The executive – who is working with former colleague Mayur Patel – has retained JP Morgan to advise on the raise.
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.
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The legacy carrier had already been engaging with managing agents ahead of the launch to scope out the opportunity for a starter RITC deal.
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