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Allianz unit sells public liability insurance division

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Catalina Holdings (Bermuda) Ltd. said that its wholly owned London-based subsidiary Catalina Holdings UK Ltd. has signed a definitive agreement to acquire AGF Insurance Ltd. from Allianz S.E. unit AGF Holdings Ltd.

Terms of the deal were not disclosed.

AGF Insurance is a London-based regulated insurer that writes direct employers and public liability insurance in the U.K. It had £270 million ($381.7 million) in total assets at the end of last year, Catalina said Thursday in a statement.

“AGF will be Catalina’s first significant acquisition of U.K. employers liability legacy risk. We have been developing our expertise in this class of business over several years and retain an appetite to acquire more of this class and related legacy risk,” Chris Fagan, chairman and chief executive of Catalina Holdings (Bermuda), said in the statement.