Catalina Syndicate 3232, which is managed by Asta, has been granted in-principle approval by Lloyd’s to underwrite reinsurance to close (RITC) transactions.
“By combining Asta’s proven third-party syndicate management acumen with our 17 years of expertise in the retrospective reinsurance space and the backing of our highly regarded shareholders, Catalina Syndicate 3232 will immediately bring a strong and credible new player to support the larger deals in Lloyd’s,” said Catalina Group chief executive Ian Parker.
The new syndicate will be capitalised through a wholly aligned corporate member owned by the Bermuda-based reinsurer. It aims to commence accepting business into the 2023 year of account.
“Catalina is a market leader in the legacy sector, and its expertise and robust capital resources are a welcome addition to Lloyd’s,” commented Asta CEO Lorraine Harfitt. “We continue to see the desire among the managing agency community to find solutions for back-year portfolios, allowing syndicates to focus on their core business of underwriting new risk, while leaving run-off to the specialists.
“The combination of Asta and Catalina will increase the options available to managing agents looking to do this and will extend the range of solutions which Asta can provide across the syndicate lifecycle.”
For the year ended December 31, 2021, Catalina reported a consolidated net income of US$177 million.
