RiverStone
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The seller is facing an uphill struggle convincing its legacy rivals that there is strategic value in the merger deal. -
Catalina put its Irish subsidiary up for sale in May as it looks to streamline operations.
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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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Thomas is also non-executive director of IQUW Syndicate Management, while Vasquez is a NED of Allianz Holdings.
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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 CVC-backed legacy player edged out Enstar in the process which was run by Gallagher Re.
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The transaction covers net reserves for losses and loss expenses of approximately $400mn and provides ground-up cover to a policy limit of $605mn.
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The process has been narrowed, with parties including Catalina and Premia not going forward.
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Sources said the net reserves in scope for the deal were marketed at £240mn.
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The transaction will mark Sompo International’s full withdrawal from the Lloyd’s market.
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The deal comes a year and a half after the Canadian conglomerate sold the European unit of RiverStone to private equity firm CVC for $750mn.
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David Rocke becomes group head of M&A, Jamie Saunders CUO and David Alexander strategy director.
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