Samsung Fire and Marine to Transfer $190M in Liabilities to Catalina Subsidiary

Catalina Holdings Ltd., through its wholly owned subsidiary Alea North America Insurance Co., has signed an agreement with Samsung Fire and Marine Insurance Co. Ltd. to transfer a portfolio of legacy U.S. insurance liabilities in run-off to Alea. The portfolio consists mainly of U.S. general liability, workers’ compensation, auto liability and property. As of Dec. 31, 2016, it had gross insurance liabilities of $190 million. The portfolio transfer is subject to regulatory approval in the U.S. from the New York Department of Financial Services and is expected to close by the end of the&...