Asia Capital Re

What Asia Capital Re does

Asia Capital Reinsurance Group (ACR) is a Singapore-headquartered reinsurance company that provides non-life reinsurance solutions across property, motor, marine, agriculture, engineering, and aviation lines, serving cedent insurance and reinsurance companies in Asia. Founded in 2006, ACR ceased writing new business on 5 December 2019 and is now managed as a run-off portfolio, with all in-force policies serviced until natural expiry. As of September 2019, ACR held total assets of US$2.1 billion and gross liabilities of US$1.3 billion, and was acquired by Catalina Holdings (Bermuda) Ltd on 31 March 2020 following regulatory approvals from the Monetary Authority of Singapore and Bank Negara Malaysia. The acquisition was Catalina's first in Asia and establishes ACR as the group's regional hub, with offices in Singapore, Kuala Lumpur, Tokyo, Seoul, and Hong Kong serving the Asian non-life run-off market estimated by PwC at US$100 billion.

ACR is wholly owned by Catalina Holdings, which is in turn owned by Apollo Global Management and RenaissanceRe following their 2018 acquisition of the group. Catalina is a Bermuda-domiciled specialist consolidator of non-life insurance and reinsurance companies in run-off, with US$11 billion in assets under management, 28 completed transactions since 2005, US$10 billion+ in liabilities acquired, and a 37% year-over-year asset growth rate (per its corporate website). The group earned the 2019 Reactions London Market 'Run-off Company of the Year' award, holds regulatory approvals across Bermuda, the UK (PRA/FCA), Ireland, Switzerland, the US, and Asia, and in 2022 received Lloyd's in-principle approval for Syndicate 3232 (managed by Asta). In 2024, Catalina extended its remit by commencing life reinsurance underwriting within narrowly defined business lines, broadening the platform beyond pure non-life run-off. ACR's CEO, Martin Kauer, relocated from Switzerland to lead the Asian entity, and the group is governed by a board including Bruce Hemphill as Non-Executive Chairman, Ian Parker as Group CEO (since February 2022), and Hsieh Fu Hua as ACR Chairman.

Name

Asia Capital Re

Legal name

Catalina Holdings (Bermuda) Ltd

Website

https://catalinare.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

101–250 employees

Short description

Asia Capital Re is a Singapore-headquartered reinsurance company providing non-life run-off and risk transfer solutions to insurance carriers across Asia, operating as the regional hub of Bermuda-based Catalina Holdings (backed by Apollo and RenaissanceRe).

Ownership category

akta.pro rank

Product category

Reinsurance Run-off Services

NAICS

Reinsurance Carriers (524130), Insurance Carriers and Related Activities (524)

SIC

Life Insurance (6311)

akta.pro primary industry

Run-off / Legacy Treaty Reinsurance Portfolio Management (FSAOAJAE)

akta.pro secondary industries

Reinsurance Run-off Acquisitions & Portfolio Transfers (LPT/Adverse Development Cover) (FSAOAJAH), Assumption / Portfolio Transfer Reinsurance (Life & Health) (FSAIANAL), Property Treaty Reinsurance (FSAOAEAC), Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)

Keywords

• Reinsurance run-off services
• Legacy liability management
• Portfolio transfer solutions
• Insurance capital relief
• Non-life reinsurance

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Reinsurance Premiums: The company earns premiums from assuming reinsurance liabilities from insurance companies seeking capital relief and run-off solutions.
2. Asset Management: Catalina manages approximately $11 billion in assets under management, generating returns through investment of premiums collected.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Asia Capital Re (ACR) is a Singapore-headquartered reinsurance company acquired by Catalina Holdings in March 2020, providing non-life insurance and reinsurance run-off solutions across Asia. ACR ceased writing new business on 5 December 2019 and now focuses on managing and administering its existing legacy insurance and reinsurance liabilities, offering capital relief, risk transfer, and portfolio management services to insurance carriers in Singapore, Japan, South Korea, Malaysia, and Hong Kong.

Product overview

Catalina Re is a leading provider of capital management and risk transfer solutions to the insurance industry. The company operates as a platform of distinct brands and subsidiaries: Catalina Re serves as the core brand offering capital management and risk transfer solutions; Asia Capital Reinsurance Group (ACR) provides Asian market coverage through its Singapore hub; Catalina General is the flagship Bermuda-based reinsurance subsidiary handling non-life run-off; Glacier Re operates the Swiss subsidiary for European run-off business; and Catalina Worthing Insurance Limited manages UK employers' liability portfolios. The company was established in 2005 and acquired Asia Capital Re in 2020, expanding its geographic footprint across Asia, Bermuda, UK, Switzerland, and the United States.

Differentiator

Problem solved

Functional benefit

Products and services

• Asia Capital Reinsurance Group (ACR) Singapore-headquartered reinsurance run-off business providing risk transfer, capital relief, and legacy liability administration across Asia. Wholly owned subsidiary of Catalina Holdings since March 2020.
• Asia Capital Reinsurance Malaysia Malaysia-based reinsurance subsidiary of ACR providing run-off and legacy liability management services in the Malaysian market.

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• British Lung FoundationminorStrategic or Co-development Partner · 8 October 2019Catalina committed £5 million ($1 million annually over 5 years) to fund research into mesothelioma, an aggressive form of lung cancer related to asbestos exposure. As a leading player in UK employer liability run-off, this partnership supports vital research while aligning with their business exposure.
• AstaminorStrategic or Co-development PartnerCatalina received Lloyd's in principle approval for new Asta-managed Syndicate 3232, enabling participation in the Lloyd's market through a third-party managing agent.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Enstar Group: Enstar is the largest publicly listed legacy insurance and reinsurance run-off specialist, with a similar multi-jurisdictional platform (Bermuda, US, UK, Europe, Australia) and a comparable LPT / adverse development cover business model. Direct competitor for the same cedent relationships and transaction pipeline.
• Compre Group: Compre is a Bermuda-based run-off consolidator (formerly Novae/Lancashire run-off platform) operating in both life and non-life legacy segments across Europe and the US. Closest head-to-head competitor to Catalina in mid-sized European LPT transactions and the co-nominee at the 2019 Reactions Run-off Company of the Year award.
• DARAG Group: DARAG is a German-headquartered run-off specialist with operations across Europe, the US, and Asia, focused on non-life legacy portfolios and LPTs. Direct competitor in European and emerging Asian run-off transactions with a similar direct B2B cedent relationship model.
• Randall & Quilter Investment Holdings: R&Q is a London-listed legacy insurance acquirer and LPT provider active across the UK, US, Bermuda, and Europe. Competes with Catalina for non-life run-off portfolios and captive insurance solutions with a similar multi-jurisdictional regulatory footprint.
• RVI Group: RVI Group is a US-based run-off acquirer focused on legacy insurance and reinsurance portfolios and capital relief solutions. Direct competitor in the North American LPT and adverse development cover market.
• Riverstone Holdings: Riverstone is a London-based run-off specialist managing legacy non-life portfolios and providing LPT solutions across the Lloyd's and London market. Comparable in target market (insurer/cedent clients) and in providing capital relief and portfolio transfer services.

Broad incumbents

• Lancashire Holdings: Lancashire is a Bermuda-based specialty (re)insurer with growing exposure to run-off consolidation via its Kinesis vehicle. A broader incumbent in the specialty reinsurance space that increasingly overlaps with Catalina in legacy and capital management solutions.
• RenaissanceRe Holdings: RenaissanceRe is both Catalina's co-owner and a major third-party reinsurer with a run-off and structured reinsurance capability. A broad incumbent whose capital partnership and reinsurance products directly intersect with Catalina's acquisition and assumption business.

Emerging players

• Conventum PCC: Conventum is a protected cell company operator in Malta focused on legacy life insurance portfolios. Comparable as an emerging run-off consolidator with a life-focused portfolio, intersecting with Catalina's newly launched life reinsurance business.

Others

• Astora Capital (run-off arm of Asta): Asta manages Lloyd's syndicates including Catalina's Syndicate 3232 and operates a capital partners business. Relevant as a Lloyd's platform partner and a service provider rather than a direct competitor, but central to Catalina's access to live Lloyd's market business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/asia-capital-re

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Asia Capital Re