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Daily Insurance Industry News
Wednesday 22nd of May 2019
January 12, 2011

Catalina to acquire Glacier Re

by Richard Kilner

Story link: Catalina to acquire Glacier Re

Catalina Holdings (Bermuda) Ltd. has announced that it has signed a definitive share purchase agreement to acquire Glacier Re.

Glacier Re, a Swiss-based reinsurance company, entered runoff last year following the sale of its wholly-owned subsidiary Glacier Insurance to Torus Insurance.

The sale is contingent upon the regulatory green light from FINMA, and if this proves forthcoming the deal should go through in the first quarter of the year.

Glacier Re was established seven years ago, and before it entered runoff wrote a diversified book of predominantly short tail reinsurance.

Its assets total $1.2bn (as of 30 September 2010), with gross technical reserves of $466m and net assets of $374m.

Chairman and Chief Executive of Catalina Chris Fagan explained that Glacier fitted the firm’s acquisition profile and would significantly augment Catalina’s present business.

 

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