Catalina
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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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The market has suffered from a glut of capital, and a number of structural features that make winning hard.
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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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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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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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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.
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Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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Insurance Insider takes a deep dive into the challenges facing the #2 run-off player following a regulatory probe, management turnover and a big 2020 loss.
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The business has seen an exodus of senior staff members in the past two years, including founding CEO Chris Fagan.
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Departures over the last 18 months include the CEO, CFO, COO and chief actuary.
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Michael Costonis will assume the new position of global head of marketing, strategy and innovation.
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The exit follows news earlier this year that founding CEO Chris Fagan was stepping down to be replaced by Bruce Hemphill.
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It is understood the book will be reinsured to close into Compre’s new legacy syndicate once the launch is approved.
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The move follows Axa LM's decision to cease bidding for new external deals, revealed in September last year.
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The legacy carrier also appoints Tony Cunningham and Fiona Walden following the departures of Aditya Dutt and Jacques Bonneau from the board.
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The new recruits join from Swiss Re and StarStone.
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Bruce Hemphill joined the board last year.
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The executive replaces Chris Fleming, who has been at Catalina since 2005.
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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.
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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.
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As activist investor Voce Capital Management becomes the carrier’s fourth-largest shareholder, this publication explores what incentive the investor has to push for a sale.
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The additional $700mn in equity committed by Apollo is a huge vote of confidence in Catalina and the legacy market.
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The extra committed equity provides the run-off acquirer with greater firepower for larger deals.
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The agreement for the casualty facultative reinsurance business comes after up-for-sale Maiden struck deals with Enstar and TransRe.
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The spike occurred after this publication reported Maiden’s board had retained Bank of America Merrill Lynch to run a formal sales process for the company.
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The run-off acquirer spent $5.73mn to increase its stake from 5 percent.
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The Bermuda reinsurance vehicle is set to co-invest alongside Catalina in major UK legacy deal with Zurich.
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The two parties are understood to be nearing an agreement on the sale of £1.6bn of Zurich’s legacy UK employers’ liability exposures.
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With the recent push from Lloyd’s to remediate the market’s ailing profitability, it’s widely expected that the legacy market will see greater reinsurance-to-close (RITC) deal flow in the months to come.
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Parri Spector has previously advised Catalina on various US transactions.
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The Apollo-backed legacy player is close to a deal to take on past liabilities of $1.1bn third-party book.
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Acra Re is expected to be used as a vehicle to co-invest alongside legacy business Catalina.
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Legacy deal talks with Maiden have stalled, leaving Catalina as a meaningful investor in a challenged business with a potentially highly volatile share price.
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If Catalina signs the deal, it will be the third UK employers' liability book it has acquired in just over two years.
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