Catalina
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Its first transaction in the Asian market leaves the run-off group with assets totalling $7.2bn.
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The legacy carrier is understood to be looking for a replacement with public sector experience.
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The board strengthening follows Catalina's agreement last year to buy Asia Capital Re
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The agency will no longer rate the company following the deal.
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The live carrier will cease writing business with immediate effect and become a platform for the legacy acquirer's Asian run-off expansion. -
If the deal is finalised, the largest reinsurer in Singapore would go into run-off.
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Business was quietly placed up for sale with Credit Suisse advising in H1.
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The reinsurer's shares rose more than 9 percent on news of the board rejecting the offer.
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The legacy acquirer said the funding should accelerate research and improve patient outcomes.
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Premia and a consortium made up of Compre and Hudson Structured are understood to be the final two suitors.
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The executive joins after nearly a decade at the Bermuda carrier's legacy peer.
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Armour, Darag and Fortitude are among the parties linked with the process who are not in the second round.
