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Lloyd's life syndicates set to dwindle to two amid licensing issues. -
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 broker anticipates increased demand for legacy liability transfers.
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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 first court hearing will take place next month for a transfer the Corporation hopes to complete by the end of 2020, CFO John Parry says.
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Chairman Ken Randall says size is no obstacle to potential Lloyd's run-off deals.
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The legacy acquirer is to pay $80.5mn for Global US Holdings.
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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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It is understood the performance management directorate has issued up to five run-off letters to Lloyd's syndicates.
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The run-off book is said to hold around $500mn in reserves.
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