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Risk Management

Runoff consolidator Catalina buys reinsurer Alea

Sarah Veysey

September 18, 2013 Reprints

Bermuda Mergers & Acquisitions More + Less -

Hamilton, Bermuda-based runoff consolidator Catalina Holdings (Bermuda) Ltd. has signed an agreement to acquire Alea Group Holdings (Bermuda) Ltd. from FIN Acquisition Ltd., a subsidiary of investment funds managed by affiliates of Fortress Investment Group L.L.C.

Terms of the deal were not disclosed.

At June 30, 2013, Alea had total assets of $540 million, gross reserves of $270 million and net asset value of $103 million.

Alea, a property/casualty reinsurer, went into runoff in 2005 and was acquired by Fortress in 2007.

In 2009, Catalina acquired Alea's U.K. operations, Alea Holdings U.K.

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Runoff consolidator Catalina buys reinsurer Alea

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