catalina worthing insurance

What catalina worthing insurance does

Catalina Worthing Insurance Limited (CWIL) is a UK-regulated non-life insurance undertaking authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA), operating as the principal UK subsidiary of Catalina Holdings (Bermuda) Ltd. Originally incorporated in 2006 as Hartford Financial Products International Limited, the entity wrote directors and officers (D&O) business before being placed into run-off in 2012. It was acquired by the Catalina Group from The Hartford in May 2017 and renamed CWIL in June 2017. As of December 31, 2021, the company reported $6.66 billion in total assets, $5.23 billion in total liabilities, and $1.4 billion in shareholders' equity, with consolidated net income of $177 million and net operating income of $86 million (up from $9 million in 2020).

The company's core business is acquiring and managing legacy non-life insurance and reinsurance portfolios through loss portfolio transfers (LPTs), reinsurance-to-close (RITC) transactions via Catalina Syndicate 3232 at Lloyd's, Part VII transfers, and full company acquisitions. CWIL has absorbed portfolios from Excess Insurance Company Limited, Hart Re, London & Edinburgh, AGF Insurance Limited, Catalina London Limited, and Asia Capital Reinsurance Group (US$2.1 billion in assets), and is scheduled to receive the Zurich UK Employers' Liability portfolio effective March 31, 2026. The platform is supported by dedicated global origination teams across UK/Europe, North America, Bermuda, and Asia Pacific, in-house actuarial, reserving, and claims functions, and multi-jurisdictional regulatory approvals from Bermuda, Ireland, Malaysia, Singapore, Switzerland, UK, and US state regulators.

Revenue is generated primarily through the spread between investment returns on acquired insurance reserves and the cost of claims settlement, supplemented by transaction fees and reinsurance premiums. Go-to-market is enterprise B2B, with direct senior-executive engagement of insurance and reinsurance company decision-makers seeking capital relief, return on equity improvement, or exit from legacy non-life liabilities. Pricing is negotiated on a deal-by-deal basis with no public pricing tiers, reflecting the bespoke nature of each run-off portfolio. The group operates from 11 global offices across the United States, Bermuda, Ireland, the United Kingdom, Switzerland, Singapore, and Malaysia, with approximately 180 employees globally. Apollo Global Management acquired Catalina in 2018, with RenaissanceRe also providing capital support.

Name

catalina worthing insurance

Legal name

Catalina Worthing Insurance Limited

Website

https://catalinaworthing.co.uk

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

1–10 employees

Short description

Catalina Worthing Insurance Limited (CWIL) is a UK-regulated non-life insurance undertaking in run-off and the primary UK subsidiary of Catalina Holdings (Bermuda) Ltd. It acquires and manages legacy non-life insurance and reinsurance portfolios globally through loss portfolio transfers, Part VII transfers, and reinsurance-to-close transactions, with over $10 billion in reserves managed across 31 deals.

Ownership category

akta.pro rank

Headquarters

HQ city

Worthing

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Loss Portfolio Transfers and Reinsurance Transactions: Catalina assumes insurance liabilities from cedants through loss portfolio transfers and reinsurance transactions, earning fees and generating investment income on the acquired reserves. Revenue is generated through spread between investment returns on reserves and cost of claims settlement, plus transaction fees.
2. Acquisition of Run-off Entities: Catalina acquires insurance/reinsurance companies in run-off, generating revenue through effective liability management, reserve development, and investment income on the acquired portfolios.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Catalina Worthing Insurance Limited is a UK-regulated non-life insurance undertaking in run-off that acquires and manages legacy non-life insurance and reinsurance liabilities. It executes loss portfolio transfers, reinsurance to close transactions, Part VII portfolio transfers, and full acquisitions of run-off entities on behalf of insurance and reinsurance counterparties seeking to exit, de-risk, or release capital from legacy business. Since 2005 the Catalina Group has assumed over $10 billion of liabilities across 31 transactions.

Product overview

Catalina Worthing Insurance Limited (CWIL) is the UK subsidiary of Catalina Holdings (Bermuda) Ltd, a long-term consolidator in the non-life insurance/reinsurance run-off sector. The company operates as a platform managing legacy insurance portfolios acquired through acquisitions and loss portfolio transfers. Key products include CWIL itself (a non-life insurer in run-off), Catalina Syndicate 3232 (Lloyd's syndicate for reinsurance to close transactions), and various acquired brands including AGF Insurance Limited, Catalina London Limited, and Asia Capital Reinsurance Group. Since 2005, Catalina has acquired or reinsured over $10 billion of non-life insurance and reinsurance liabilities. The company provides retrospective reinsurance and capital solutions to global insurers seeking to exit, de-risk, or release capital from legacy business.

Differentiator

Problem solved

Functional benefit

Products and services

• Non-Life Insurance Run-Off Services Acquisition and management of non-life insurance and reinsurance companies in run-off for insurance and reinsurance counterparties globally; Catalina has acquired or reinsured over $10 billion of non-life insurance and reinsurance liabilities since 2005.
• Loss Portfolio Transfer (LPT) Retrospective reinsurance solution that transfers blocks of legacy non-life insurance liabilities from ceding insurers and reinsurers to Catalina; example transaction included the QBE legacy North American Excess and Surplus lines portfolio with reserves of approximately US$334 million as of December 31, 2021.

Quantifiable outcome

• Net operating income increased from $9 million in 2020 to $86 million in 2021
• +2 more outcomes

Named customers4 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

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• AstacoreChannel Partner/ Reseller/ Distributor · 13 September 2022Catalina partnered with Asta, the leading third-party managing agent at Lloyd's, to establish Syndicate 3232. The syndicate will underwrite reinsurance to close (RITC) transactions within the Lloyd's market, targeting larger-sized transactions. Asta manages the syndicate while Catalina provides capital through a wholly aligned corporate member owned by Catalina.
• QBE Insurance Group Ltd.coreStrategic or Co-development Partner · 5 May 2022Catalina General Insurance Ltd. entered into an agreement with QBE subsidiaries for a loss portfolio transfer of QBE's legacy North American Excess and Surplus lines prior accident year liabilities. The reinsured portfolio consists of primary and excess general liability policies underwritten between 2016 and 2020 with reserves approximating US$334 million as of year-ending 2021.
• British Lung FoundationminorOthers · 8 October 2019Catalina committed £5 million to mesothelioma research in partnership with the British Lung Foundation, funding vital research into new life-extending treatments. The partnership involves annual contributions of £1 million over five years directed towards research aimed at achieving improved early diagnosis and trials of high potential drugs.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• QBE Insurance Group: QBE is a global general insurer that divested its North American legacy E&S lines to Catalina via a $334M LPT in 2022. As a cedant of legacy portfolios to Catalina, QBE is a key customer and comparable to other multi-line insurers that use run-off solutions for capital management.
• Zurich Insurance Group: Zurich is a global multi-line P&C and life insurer that also acts as a cedant to run-off consolidators (e.g., its pre-2007 UK EL portfolio was transferred to Catalina). It is a counterparty for legacy transactions rather than a direct competitor, but its divestment activity shapes Catalina's deal flow.
• AXA XL: AXA XL is the P&C and specialty arm of AXA, active in legacy transactions as both buyer and seller in the insurance and reinsurance market. It overlaps with Catalina in the LPT/legacy space but operates as a broad multi-line incumbent rather than a pure-play run-off specialist.
• RenaissanceRe: RenaissanceRe is a Bermuda-based specialty reinsurer and a financial sponsor of Catalina alongside Apollo. It operates in reinsurance adjacent to run-off activities and has been an active participant in the broader legacy and structured reinsurance market.

Direct peers

• Compre Group: Compre is a specialist legacy insurance and reinsurance run-off consolidator operating across Europe and the US. It was a fellow nominee alongside Catalina for Run-off Company of the Year at the 2019 Reactions awards, indicating direct head-to-head competition for the same LPT mandates.
• Randall & Quilter Investment Holdings: R&Q is an AIM-listed legacy insurance and reinsurance run-off specialist providing capital solutions and managing legacy portfolios. It is a comparable niche consolidator competing for similar transaction mandates in the European and US non-life run-off market.
• Enstar Group: Enstar is the largest dedicated legacy/run-off consolidator globally, acquiring and managing non-life insurance and reinsurance liabilities. It is the closest direct competitor to Catalina, sharing the same LPT, adverse development cover, and full-company acquisition model across P&C lines.
• DARAG Group: DARAG is a European-focused legacy insurance and reinsurance run-off acquirer providing LPTs, portfolio transfers, and entity acquisitions. It directly competes with Catalina for European legacy portfolios, particularly in the UK and German markets.

Others

• Astora (formerly Schroders Capital): Asta is the leading third-party managing agent at Lloyd's and a strategic channel partner to Catalina (managing Syndicate 3232). It is an ecosystem enabler rather than a competitor, providing access to the Lloyd's market for Catalina's RITC transactions.
• Apollo Global Management: Apollo is a Tier-1 alternative asset manager and the controlling shareholder of Catalina Holdings. While not an operating peer, Apollo's capital allocation decisions and reinsurance-linked investment strategies shape Catalina's growth path and are comparable to other insurance-linked investment platforms in the market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/catalina-worthing

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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 →

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