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Catalina Holdings (CHBL)
Bermuda-based Catalina Holdings launched in 2009 under co-founder Chris Fagan with a specialist mandate: acquiring non-life insurance and reinsurance companies...
Catalina Holdings (CHBL)
Bermuda-based Catalina Holdings launched in 2009 under co-founder Chris Fagan with a specialist mandate: acquiring non-life insurance and reinsurance companies in runoff. The model targets closed blocks of legacy liabilities, extracting value through disciplined claims management and reserve adequacy. Apollo Global Management acquired a majority interest in 2018, integrating Catalina into its permanent-capital strategy alongside Athene Holding Ltd. RenaissanceRe Holdings Ltd. retained a minority stake and continues as a strategic partner. The firm deploys capital across non-life runoff insurance portfolios, legacy reinsurance books, and direct real estate. Catalina Permian Ltd, a subsidiary, holds industrial assets including a manufacturing and distribution facility in Kettering, England, and the Transpennine 200 logistics unit in Greater Manchester. A joint venture with Oxenwood Real Estate — Oxenwood Catalina — builds a UK logistics portfolio, while German logistics facilities add continental exposure. The real-asset arm functions as a liability-hedging sleeve, aligning long-duration insurance reserves with inflation-sensitive property cash flows. Chief Executive Ian Parker leads day-to-day operations from Pembroke, where the firm participates actively in BILTIR, the Bermuda International Long Term Insurers and Reinsurers industry group. Team size is not publicly disclosed. Catalina has supported the Bermuda College Foundation and the British Lung Foundation Partnership through charitable giving. May 2024: The firm maintained its acquisitive pace, closing on additional runoff portfolios as legacy-book sellers continued seeking finality solutions (per the firm, 2024). Unlike traditional insurers, Catalina never writes new policies — it operates as a dedicated runoff consolidator, a structure that transforms legacy liabilities into asset-gathering vehicles. Apollo's backing provides permanent capital without redemption pressure, a rare combination in runoff markets dominated by private equity funds with finite holding periods.
General information
Firm type
Insurance
Year founded
2009
Location
Region
North America
Country
Bermuda
City
Pembroke
Corporate office
Pembroke, Bermuda
Principals
Ian Parker
Group Chief Executive Officer
Chris Fagan
Co-Founder
Sector focus
Frequently asked questions
How does Catalina Holdings source its acquisition targets?
Catalina targets non-life insurance and reinsurance companies seeking to exit legacy lines. Sellers include global carriers divesting non-core books and smaller insurers pursuing solvent run-off. The firm's Apollo affiliation and permanent-capital structure make it a credible counterparty for transactions requiring multi-year execution certainty.
What is Apollo's role in Catalina Holdings?
Apollo Global Management acquired a majority stake in Catalina in 2018, providing permanent capital and strategic oversight. RenaissanceRe Holdings Ltd. remains a minority shareholder. The structure aligns with Apollo's broader insurance platform, which includes Athene Holding Ltd.
Does Catalina write new insurance policies?
No. Catalina exclusively acquires closed blocks of legacy insurance liabilities. It never underwrites new policies. This makes it a pure runoff consolidator rather than a traditional insurer — the firm earns returns through disciplined claims management and reserve releases rather than underwriting profits.
What real estate assets does Catalina hold?
Catalina holds industrial real estate primarily in the United Kingdom and Germany. Holdings include a manufacturing and distribution facility in Kettering, England, the Transpennine 200 logistics property in Greater Manchester, and German logistics facilities. A joint venture with Oxenwood Real Estate manages a dedicated UK logistics portfolio.
How does Catalina's real estate strategy relate to its insurance liabilities?
The real estate portfolio functions as a liability-hedging investment sleeve. Long-duration runoff insurance reserves are matched with inflation-sensitive industrial and logistics property cash flows, a structure designed to reduce duration mismatch and enhance capital efficiency.
Is Catalina Holdings publicly traded?
No. Catalina Holdings is privately held, with Apollo Global Management as its majority shareholder and RenaissanceRe Holdings Ltd. as a minority strategic partner. It does not report AUM or detailed financials publicly.
What philanthropic structures does Catalina maintain?
Catalina has supported the Bermuda College Foundation and the British Lung Foundation Partnership. The firm participates in community initiatives through its membership in BILTIR, the Bermuda International Long Term Insurers and Reinsurers industry association.
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