The deal aims to acquire Catalina Insurance Ireland, an established Irish insurance company under the regulatory oversight of the Central Bank of Ireland. While this acquisition is on the horizon, it is crucial to note that it is still subject to regulatory approvals.
RiverStone International’s expansion into the European market is poised to take a leap forward with this impending acquisition. The move underscores the company’s commitment to delivering comprehensive legacy solutions and bolstering its presence on the continent.
Catalina Insurance Ireland holds two key portfolios, including a substantial German medical malpractice insurance book and a robust UK motor insurance portfolio. At the time of evaluation, the company boasted total reserves of approximately $350 million. This promising acquisition is expected to enhance RiverStone International’s existing portfolio and strengthen its position in the European insurance landscape.
As the insurance industry witnesses these developments, market observers and industry experts eagerly await further updates on the acquisition’s progress through the regulatory approval process. RiverStone International’s move to expand its European reach through the acquisition of Catalina Insurance Ireland is undoubtedly a notable development in the insurance sector, and it has the potential to reshape the industry’s landscape in the region.
Luke Tanzer, chief executive officer of RiverStone International, commented, “This acquisition demonstrates our commitment to delivering on our geographical expansion strategy, and in particular our objective to continue to grow our capabilities within the European market.”