Catalina Holdings(Bermuda) Ltd. unit Catalina Holdings UK Ltd. agreed to acquire AGFInsurance Ltd. from Allianz SEunit AGF Holdings (UK) Ltd., according to a March 29 news release.
AGF Insurance is a U.K.- regulated insurance company that wrotepredominantly direct employers and public liability insurance in the U.K. It ceasedwriting new business and went into run-off in 1999. The company had total assetsof £270 million, undiscounted gross reserves of £185 million and pro forma shareholderequity of £79 million as of Dec. 31, 2015.
Catalina will acquire AGF Insurance from available resources.Total assets of Catalina as of Dec. 31, 2015, pro forma for the acquisition were$3.2 billion.
The transaction, which is expected to close in the third quarterof 2016, is subject to approval by the U.K.'s Prudential Regulation Authority.
The Insurance Insiderreported earlier in March that Catalina, EnstarGroup Ltd. and ArmourGroup Holdings Ltd. were inthe running for U.K. employers' liability books of , and The Hartford Financial Services Group Inc., totaling some£800 million of gross reserves. Enstar and Catalina had reportedly submitted bids for all three books.