RenaissanceRe to Acquire Minority Shareholding in Catalina
19 January 2018 - 8:15AM
Business Wire
Catalina Holdings (Bermuda) Ltd (“Catalina”) and RenaissanceRe
Holdings Ltd. (“RenaissanceRe”) (NYSE:RNR) are pleased to announce
that RenaissanceRe Ventures Ltd., a subsidiary of RenaissanceRe,
has signed a definitive agreement to acquire a minority
shareholding in Catalina. The agreement is subject to regulatory
approval and is expected to close concurrently with the majority
acquisition of Catalina by affiliates of Apollo Global Management
(“Apollo”).
The transaction will see RenaissanceRe become a minority
shareholder in Catalina, joining Apollo and its affiliates who
signed a definitive agreement to acquire a majority shareholding in
October 2017. Aditya Dutt, President of Renaissance Underwriting
Managers, Ltd., will join the Catalina board of directors.
RenaissanceRe’s investment will provide strategic benefits to
Catalina and help the business to explore a wider range of
transaction structures as it continues to execute its growth
strategy that has seen the business grow steadily and consistently
over many years.
Chris Fagan, Chairman and Chief Executive of Catalina, said:
“We’re delighted to welcome RenaissanceRe as shareholders in
Catalina. They join us at time of significant opportunity to help
us capitalize on the continued growth of the non-life legacy
sector.
“Together with Apollo, our new shareholders provide us with
access to additional expertise and substantial financial resources
that will help us to take advantage of the vast array of legacy
market opportunities we continue to see, driving our business
through the next phase of its growth, and strengthening our
position as one of the legacy market’s leading consolidators.”
Kevin O'Donnell, President and Chief Executive Officer of
RenaissanceRe, commented: “We are pleased to partner with Catalina
as they have demonstrated a strong, consistent track record in
managing legacy businesses. This transaction is consistent with our
strategy to expand the suite of capabilities at our disposal to
bring to our clients, through partnership with a proven industry
leader. We look forward to working with the Catalina team on new
opportunities.”
Since being founded in 2005, Catalina has completed 24
transactions acquiring $5.6 billion of non-life insurance and
reinsurance liabilities, and as at 30 September 2017 had total
assets of $3.6 billion and shareholders’ equity of $719
million.
About Catalina Holdings (Bermuda) Ltd
Catalina is a long-term consolidator in the non-life
insurance/reinsurance run-off sector. Catalina was established
in 2005 to focus solely on the acquisition and management of
non-life insurance/reinsurance liabilities in run-off. Since its
foundation, Catalina has acquired or reinsured $5.6bn of non-life
insurance and reinsurance liabilities. Catalina has received
approvals from Bermudian, Irish, Swiss, UK (FSA/PRA and Lloyd’s)
and various US state insurance regulators for prior acquisitions
and reinsurance transactions. Catalina maintains offices in
Bermuda, Denver, Dublin, Hartford, London, New York and Pfaffikon,
Switzerland, with approximately 180 employees. For further details
about Catalina’s acquisitions or its management team please refer
to www.catalinare.com.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance
that specializes in matching well-structured risks with efficient
sources of capital. The company provides property, casualty and
specialty reinsurance and certain insurance solutions to customers,
principally through intermediaries. Established in 1993,
RenaissanceRe has offices in Bermuda, Ireland, Singapore, the
United Kingdom, and the United States.
All statements other than present and historical facts and
conditions contained in this press release, including any
statements regarding any future results of operations and financial
positions, business strategy, plans and any objectives for future
operations, are forward-looking statements and are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements are only predictions and
reflect the applicable party’s current beliefs and expectations
with respect to future events and are based on assumptions and
subject to risk and uncertainties and subject to change at any
time. We operate in a very competitive and rapidly changing
environment. New risks emerge from time to time. Given these risks
and uncertainties, you should not place undue reliance on these
forward-looking statements. Actual events or results may differ
materially from those contained in the projections or
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20180118006374/en/
CatalinaInstinctif PartnersNick Woods, +44 (0)20 7457
2020nick.woods@instinctif.comorRoss Gillam, +44 (0)20 7457
2020ross.gillam@instinctif.comorRenaissanceReInvestors:RenaissanceRe
Holdings Ltd.Keith McCue, 441-239-4830Senior Vice President,
Finance & Investor RelationsorMedia:RenaissanceRe Holdings
Ltd.Elizabeth Tillman, 212-238-9224Director – CommunicationsorKekst
and CompanyPeter Hill or Dawn Dover, 212-521-4800
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