The Caisse de dépôt et placement du Québec and the Ontario Teachers’ Pension Plan are selling their stake in a Bermuda-based company focused on consolidation in the non-life insurance and reinsurance sector.
On Wednesday, Ontario Teachers’ announced the sale of their stake in Catalina Holdings Ltd. to Apollo Global Asset Management. The deal will leave Apollo, whose subsidiaries had made an initial investment in Catalina in 2013, with a majority stake in the company.
“I would like to thank our exiting investors Caisse de depot et placement du Quebec and Ontario Teachers’ Pension Plan for their consistent support over the last 10 years and the role they have played in helping us to build Catalina,” said Chris Fagan, chair and chief executive of Catalina.
Catalina is a long-term consolidator in the non-life insurance and reinsurance runoff sector. Since its founding in 2005, Catalina has acquired or reinsured more than $4.5 billion of non-life insurance and reinsurance liabilities.
Read: Canadian pension plans betting on property and casualty insurance sector