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The business is being advised on the potential transactions by Howden. -
RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
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The coverage supports a series of recent Lloyd’s transactions, including the £1.2bn MS Amlin RITC.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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The number of global, non-life run-off deals dropped to 48 over 2022, compared with 54 in 2021, according to a report from PwC.
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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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Execution of the legacy transaction ticks off another major piece of work for MS Amlin in its turnaround of Syndicate 2001.
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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 Italian group previously halted writing catastrophe excess-of-loss business.
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Andrew Lewis has outlined growth plans for Xitus, a niche global legacy firm he has co-founded that will focus on non-life and reinsurance deals of $5mn-$50mn.
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The R&Q founder had been linked to 777 since its attempted acquisition of the listed firm.
