Catalina
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The deal marks the latest step in Catalina’s shift from P&C to life run-off. -
The Bermudian legacy carrier is seeking a counterparty to manage the claims on the portfolio.
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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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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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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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The appointment comes after Catalina formed a new team, appointing former head of global distribution Steve Ryland to lead it.
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The legacy carrier had been an interested in acquiring the Coverys managing agency as a route to entry.
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Loh Wei-Lyn has been promoted to CEO of Asia, while Luann Petrellis has joined as US CEO.
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The legacy acquirer also struck a quota share deal for UK builders warranty insurance in 2021.
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Catalina’s group head of distribution Steve Ryland will spearhead the new team.
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The sale process is in the early stages of marketing, and bids are expected later in May.
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The firm’s exposure to the Ukraine-Russia conflict, as well as a loss portfolio transfer, were confirmed in a performance update.
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Head of M&A Mayur Patel is leaving the legacy specialist, while its Asian CEO Martin Kauer is retiring.
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Interim chief Bruce Hemphill has returned to his role as non-executive chairman after 12 months of turnaround work at the legacy carrier.
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Charles Kasmer stepped down from his role as group chief actuary at Catalina in June 2021.
